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May 18, 2024
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Newly Constructed AZ Logistics Center Sold in Two Deals Totaling $118.6 Mil


Tucson Commerce Center, a collection of three brand new Class A industrial/logistics buildings totaling 806.6k sf on approximately 47.5 acres in Tucson, AZ, traded hands in two deals with separate buyers totaling $118.65 mil ($147/sf). Owned and developed by Flint Development, the recently delivered state-of-the-art project was more than 91% leased to five tenants, including some prominent global and regional brands, at the time of sale.

Bridge Investment Group acquired Building II, a 259.3k sf, multi-tenant structure, and Building III, a 244.9k sf multi-tenant building, totaling a combined 504.2k sf on 30.2 acres for $79 mil. Building II is 100% leased to two tenants and Building III is approximately 70.5% leased to two tenants, with a single vacant suite.

A separate buyer acquired Building I, a fully leased 302.4k sf, single-tenant building on 17.3 acres, for approximately $39.65 mil. Flint Development will be staying involved in the project with Bridge as a joint venture partner.

Located at 3610 East Valencia Rd, Tucson Commerce Center features modern design and functionality including 32-ft clear heights, abundant dock loading and grade loading, ample car and trailer parking, exterior LED lighting, ESFR sprinklers, and more. The property is strategically positioned near I-10, offering immediate access to the population center, Central Business District (CBD), and Tucson International Airport. Additionally, Valencia Road, the region’s longest urban thoroughfare, directly connects to I-19, I-10, and Arizona State Route 86. The Southern California ports are also within proximity for logistics services.

Cushman & Wakefield’s Will Strong, Kirk Kuller, Michael Matchett, Molly Hunt, and Dean Wiley of the firm’s National Industrial Advisory Group – Mountain West represented Flint Development, in both transactions. CBRE’s Tim Healy and Joe Orscheln provided market leasing advisory.

“Flint Development had the vision to construct an exceptional industrial project in a premier infill location to cater to the ongoing activity from logistics tenants, which have been a key driver of recent demand, with distribution and warehousing space near the Tucson International Airport receiving particular interest,” said Kuller. “With more than 91% tenancy, the buildings have each had success and provide steady, long-term cash flow, while the vacant suite, encompassing 72.2k sf in Building III, offers a value creation opportunity through lease-up to achieve full stabilization.”

According to Cushman & Wakefield’s latest research, although there has been some recent adjusting in the industrial sector, the Phoenix Metro industrial market has reported an incredible 48 consecutive quarters (12 years) of positive net absorption starting in Q2-2012 through Q1-2024 amounting to nearly 130 msf of occupancy growth.

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