CBRE negotiates 2 big deals in Tucson
CBRE Arranges $5.7M sale of Class-A medical office in Tucson
CBRE has completed the sale of a 14,844-square-foot property in Tucson, Ariz. that serves as OneOncology’s newest cancer treatment facility for $5.7 million, or approximately $384 per square foot.
Andrew K. Fosberg and Dylan A. Brown of CBRE in Phoenix office represented the seller, MRR Holdings, LLC, an entity formed by West Coast Capital Partners (Bill Metzler & Scott Douglas, principals) of Scottsdale, Ariz. and Los Angeles, Calif. The buyer was Deerwood Investments Utah, LLC. of Irvine, Calif.
“This brand-new, Class-A cancer center drew significant investor interest, said CBRE’s Fosberg. “The sale is a testament to the medical office sector’s resiliency during this challenging economic climate.”
Situated on 1.81 acres at 10390 North La Canada Drive, the property is 100 percent leased to OneOncology on a new, long-term triple-net lease. The single-story building was originally constructed in 2002 as a retail drug store and was completely renovated in 2020 into a forward-thinking, integrated health and cancer clinic for OneOncology. The property features large glass tenant entries, expansive ceiling heights, building signage, and an intimate and collaborative patient/doctor environment.
The property is conveniently positioned between Northwest Medical Center and Oro Valley Hospital, two of Tucson’s largest hospitals. It is also at the convergence of two affluent residential areas of the Catalina Foothills, Oro Valley and the northwest trade area of Tucson. Located in a strong employment corridor, the property offers excellent access and visibility along North La Canada Drive, a major north-south commuter thoroughfare, which benefits from 40,000 vehicles per day.
CBRE arranges $11.4 million sale of Republic Services Recycling Center
CBRE has arranged the $11.4 million sale of the Republic Services Recycling Center, a 59,041-square-foot industrial facility located at 3780 East Ajo Way in Tucson, Ariz.
Bryce Horner and Tim Healy of CBRE in Tucson represented an undisclosed seller from California in the transaction. Allen C. Buchanan and Joshua K. Harper of Lee & Associates – Orange represented an undisclosed buyer completing a 1031 exchange.
“In these volatile past few months, quality industrial investment product has remained incredibly resilient throughout many capital markets nationally,” said CBRE’s Horner. “As a “pandemic-proof” investment, the Republic Services Recycling Center provides its new owner stable and secure cash flow from a reputable tenant for many years to come.”
Located at the southwest corner of Ajo Way and Alvernon Way in Tucson’s South-Central and Airport submarket, the standalone property is occupied entirely by Republic Services. Built in 2012, the property serves as a premier recycling facility serving the greater Tucson area.
Republic Services Recycling Center includes 53,783 square feet of warehouse space and 5,258 square feet of office space. Features include 32-foot clear height, four dock-high doors and five grade-level doors.
The facility offers convenient access to the Tucson International Airport and Interstate 10, and is adjacent to Butterfield Business Park, a premier southern Arizona business park.