Tucson Industrial Campus orders $119 million

Campus at 3610 East Valencia Road in Tucson, Arizona.
Tucson Commerce Center has three Class A buildings. Image courtesy of Cushman & Wakefield

Flint Development has sold the Tucson Commerce Center, an 806,606-square-foot, three-building industrial campus in Tucson, Arizona, to two buyers for $118.7 million.

Bridge Investment Group, through its Opportunity Zone strategy, acquired Buildings 2 and 3, totaling 504,163 square feet, for $79 million. Building 1, a 302,443-square-foot, single-tenant warehouse, traded for about $39.7 million.

Cushman & Wakefield brokered the transaction on behalf of the seller, while CBRE provided market leasing advisory services. In addition, Flint Development will remain involved in the project with Bridge as a joint venture partner.

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The developer broke ground on the industrial campus in 2022 with the help of general contractor Brinkmann Constructors and using a financing package created by Enterprise Bank & Trust, CommercialEdge reports. The $72.3 million loan currently encumbers only the two buildings owned by the Bridge joint venture, according to Pima County public records.

Tucson Commerce Center, up close

The campus came online in the third quarter of 2023. At the time of the sale, the three facilities were more than 91% leased to five tenants.

The 302,443-square-foot Building 1 has eight entrance doors, 52 loading-to-dock doors, as well as 254 parking spaces and 78 trailer stalls. Building 2 is a 259,274 square foot distribution center with 46 dock doors, six entry doors and 63 trailer spaces.

The third building measures 244,889 square feet and has 42 loading doors, 198 parking spaces and 55 trailer spaces. Additionally, all three facilities have 32-foot clear heights.

The nearly 48-acre campus is located at 6690 S. Alvernon Way and 3610 and 3780 E. Valencia Road, approximately 2 miles from Tucson International Airport and offers easy access to Interstate 10. Downtown Tucson 11 miles, while the Airport Phoenix Sky Harbor International is 120 miles away.

Cushman & Wakefield Executive Vice President Will Strong, Senior Director Kirk Kuller, Director Michael Matchett, along with Senior Associates Molly Hunt and Dean Wiley represented the seller in the transaction. CBRE Vice President Tim Healy and Executive Vice President Joe Orscheln provided leasing advice to the market.