TUCSON, AZ—With nearly 4.4 million people, Greater Phoenix is the 13th largest metropolitan area in the US and the region's population is expected to nearly double in the next two decades, according to city of Phoenix statistics. Located at the center of several municipalities, including Scottsdale, AZ and Glendale, AZ, Phoenix comprises 60% of the metro area population.
Along with the added population spurring activity across all property sectors, investors are taking notice of varied property types such as the 72,000-square-foot former Raytheon Missile Systems flex office building. Building M10 at 3360 E. Hemisphere Loop in Tucson recently sold for $10.5 million, with a price per square foot of $145.83. The buyer was 3360 E. Hemisphere Loop LLC of Scottsdale, AZ and the seller was DCG IV LLC, a Seattle-based investment firm.
Built in 2008, the single-tenant two-story building sits on approximately 4.45 acres with an additional 4.92 acres of land available for expansion. The building features 4.67 per 1,000 parking, two split system air conditioning systems and contemporary architecture in a business park setting. It is a Department of Defense-approved facility and was a build-to-suit for Raytheon Missile Systems. The property is close to the Interstate 10 Freeway and Tucson International Airport.
Raytheon Missile Systems is headquartered in Tucson and is the largest nongovernmental employer in the city. This business unit specialized in advanced weaponry development and is a critical defense industry contractor. Raytheon Co. is a technology and innovation company specializing in defense, civil government and cybersecurity solutions. Founded in 1922, the company provides electronics, mission systems integration, capabilities in C5I (command, control, communications, computing, cyber and intelligence), sensing, effects and mission support services.
Lee & Associates principals Jerry Marrell and Dave Johnson negotiated on behalf of DCG and Pete Batschelet procured the buyer.
An additional transaction, a seven year-plus lease for 28,378 square feet of industrial space, was signed at 101 Scottsdale North at 16648 N. 94th St. in Scottsdale. The property is located just east of the Loop 101, south of Bell Road and adjacent to many Scottsdale Airpark retail and entertainment amenities.
The tenant is WR Group and the landlord is C&DNB 04 LLC. WR Group is an international manufacturer and distributor of personal care products. Built in 2004, the multi-tenant office/industrial property consists of two separate but attached buildings: a 101,128-square-foot distribution facility and a 43,454-square-foot office building. Space remains available in both buildings.
Lee principals Mark Linsalata, Bill Blake and Colton Trauter negotiated on behalf of the landlord while John Quatrini of Shell Commercial procured the tenant.
Linsalata tells GlobeSt.com: “This facility is the most functional warehouse building in the Greater Scottsdale Airpark area.”
TUCSON, AZ—With nearly 4.4 million people, Greater Phoenix is the 13th largest metropolitan area in the US and the region's population is expected to nearly double in the next two decades, according to city of Phoenix statistics. Located at the center of several municipalities, including Scottsdale, AZ and Glendale, AZ, Phoenix comprises 60% of the metro area population.
Along with the added population spurring activity across all property sectors, investors are taking notice of varied property types such as the 72,000-square-foot former Raytheon Missile Systems flex office building. Building M10 at 3360 E. Hemisphere Loop in Tucson recently sold for $10.5 million, with a price per square foot of $145.83. The buyer was 3360 E. Hemisphere Loop LLC of Scottsdale, AZ and the seller was DCG IV LLC, a Seattle-based investment firm.
Built in 2008, the single-tenant two-story building sits on approximately 4.45 acres with an additional 4.92 acres of land available for expansion. The building features 4.67 per 1,000 parking, two split system air conditioning systems and contemporary architecture in a business park setting. It is a Department of Defense-approved facility and was a build-to-suit for Raytheon Missile Systems. The property is close to the Interstate 10 Freeway and Tucson International Airport.
Raytheon Missile Systems is headquartered in Tucson and is the largest nongovernmental employer in the city. This business unit specialized in advanced weaponry development and is a critical defense industry contractor.
Lee & Associates principals Jerry Marrell and Dave Johnson negotiated on behalf of DCG and Pete Batschelet procured the buyer.
An additional transaction, a seven year-plus lease for 28,378 square feet of industrial space, was signed at 101 Scottsdale North at 16648 N. 94th St. in Scottsdale. The property is located just east of the Loop 101, south of Bell Road and adjacent to many Scottsdale Airpark retail and entertainment amenities.
The tenant is WR Group and the landlord is C&DNB 04 LLC. WR Group is an international manufacturer and distributor of personal care products. Built in 2004, the multi-tenant office/industrial property consists of two separate but attached buildings: a 101,128-square-foot distribution facility and a 43,454-square-foot office building. Space remains available in both buildings.
Lee principals Mark Linsalata, Bill Blake and Colton Trauter negotiated on behalf of the landlord while John Quatrini of Shell Commercial procured the tenant.
Linsalata tells GlobeSt.com: “This facility is the most functional warehouse building in the Greater Scottsdale Airpark area.”
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
