Intercontinental Buys Tucson Industrial Portfolio for $46M

Intercontinental Real Estate Corp. purchased a 606,027-square-foot industrial/R&D portfolio located in Tucson, Ariz., from a joint venture of the Muller Co. and GE Real Estate for $46 million. The transaction is the largest investment sale completed in Tucson so far this year. Ryan Gallagher, senior vice president, and Kelly Rohfeld, vice president, with Grubb & Ellis’ Institutional Investment Group represented the buyer and the seller in the transaction along with local market brokers Russ Hall and Steve Cohen of Picor Commercial. The six-building portfolio consists of Tucson Technology and Commerce Center I, II, III, IV and Medina Business Center I & II and is situated on 50.92 acres immediately adjacent to Tucson International Airport.  Also included in the sale was an adjacent four-acre site for future development.  The portfolio was 95 percent leased at the time of sale. Major tenants include Ferguson Enterprises, UPS, Solon AG and United Collections Bureau.