TUCSON, ARIZONA (August 17, 2020) – Investment specialist Christopher Itule of NAI Horizon’s Tucson office recently negotiated two industrial sales in Southern Arizona totaling $3.5 million.
The first sale in early July was in Santa Cruz County for +/- 46,000 SF of cold storage warehousing which sold for $2.8 million or $60 psf. The property located at 123 Old Tucson Hwy., in Nogales, Arizona, consists of three buildings on 15 acres of highly sought-after industrial zoned land.
Itule represented the buyer, 123 Old Tucson, LLC. Karen Miller of Agave Primer Properties represented the seller.
“The buyer is an investor from Nogales with ties to the produce and trucking industry,” Itule said. “The new owner plans to improve the buildings which had significant deferred maintenance, update the office spaces, and then market the buildings for lease.”
The second sale at the end of July was for property located at 887 S. Warren Ave., in Tucson. The asset sits on 1.75 acres and consists of +/- 4,938 SF of office space and a workshop. It sold for $700,000 or $141.76 psf.
Itule represented the seller, China Sea, LLC (Kevin Goode, manager).
Stephen Cohen and Aubrey Finkelstein of Cushman Wakefield Picor represented the buyer.
“There was a lot of activity on the property given the size and the central location,” Itule said. “Republic Services currently leases the building and the new owner plans to move in at the expiration of Republic’s lease in July 2021.”
About NAI Horizon
Exceptional global commercial real estate solutions begin with local market leadership and expertise. Established in 1992, NAI Horizon is a full-service commercial real estate company serving Arizona with offices located in Phoenix and Tucson. NAI Horizon is passionate about the commercial real estate business, providing Brokerage and Property Management Services for local, national and international clients. NAI Horizon is a member of the NAIGlobal commercial real estate network providing real estate solutions to 375+ offices worldwide. For more information visit www.naihorizon.com.
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