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Tucson Industrial Asset Fetches $2.4M

TUCSON, AZ-A Phoenix-based real estate investment firm expands its portfolio with the recent $2.4-million purchase of a 77,242-sf industrial warehouse/distribution building in Tucson. The deal includes a five-year leaseback to the North Dakota-based seller.

By Lee Simmons | Updated on May 27, 2004

TUCSON, AZ-Presson Companies of Phoenix has purchased a 77,242-sf industrial warehouse/distribution building for $2.4 million in an all-cash deal. As part of the transaction, the buyer has inked a five-year leaseback to Border States Electrical Supply Co. of Fargo, ND.”There were a number of people looking at it, but these guys came in with a quicker deal,” Rick Danis, a senior associate at Grubb & Ellis/BRE Commercial, tells GlobeSt.com. Speed in closing and bringing cash to the table made Presson the preferred buyer in this deal, he explains. “They’ve got a track record and they perform, whichmeans they do what they say they’re going to do,” Danis adds.Located at 763 East MacArthur Circle, the building was constructed in 1986. No improvements are immediately planned for the property, although Danis does not rule out possible repainting and parking lot work in the not-too-distant future.The building is fully leased by Border States, although it is capable of operating as a multi-tenant facility. The seller has signed a five-year lease with Presson for a total consideration of approximately $1.3 million. The lease includes 3% annual increases during the term.Danis, Paul Boyle and Eric Wichterman of Grubb & Ellis/BRE Commercial represented both the buyer, Good Sam Professional Building LLC, and the seller, Four Star Investments South LLC. The LLCs are the legal entities representing Presson and Border States, respectively.

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