TUCSON, AZ—A 190,000 square-foot office and flex-industrial portfolio has been acquired by Harsch Investment Properties. These properties bring Harsch's total acquisitions of flex-industrial space during the past 12 months to approximately 2 million square feet, which Increases the firm's presence in the Arizona market.
The acquisition consists of the 60,000-square-foot Butterfield Corporate Plaza, an office/R&D flex property, which is currently 100% occupied, and the Tucson Airport Center, a 130,000-square-foot project with office and industrial tenants. Both properties are in close proximity to the Tucson International Airport and Interstate 10.
Bill Rodewald, Harsch Investment Properties southwest regional manager, tells GlobeSt.com: “The demographics are impressive not only from the standpoint of population growth but because the median age is so young and dynamic. The University of Arizona is a very big factor in this trend since more highly skilled graduates are now tending to stay in Tucson and create new companies. The Downtown core has been dramatically changed by the Sun Link streetcar line that runs from the university to downtown and has transformed the area to the new hotspot for both student housing and nightlife. These trends should bode very well for the surrounding industrial markets that serve the Tucson and Southern Arizona markets.”
The Butterfield Corporate Plaza is occupied by four tenants, three of which are publicly traded companies and the fourth being a regional 100-year-old private company. The Tucson Airport Center is a traditional business park providing quality office and industrial spaces. The property is located a quarter of a mile from the Tucson International Airport, which is one of the reasons why the property has continued to stay fully occupied for many years.
“Our company has owned property in Arizona since 1958. For many years we have followed the real estate market in Tucson and felt now is the appropriate time to expand our portfolio to include these Tucson properties. With the addition of these properties, we have acquired approximately 2 million square feet of flex-industrial projects during the last 12 months, and that brings our flex-industrial portfolio in excess of 18 million square feet,” says Jordan D. Schnitzer, president of Harsch Investment Properties.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
