CBRE to market land for Tucson Airport Authority
CBRE has been awarded the marketing and leasing assignment for the Tucson Airport Authority (TAA) airport system. Comprised of Tucson International Airport and Ryan Airfield, CBRE will oversee the marketing of the airport system’s ±10,147 acres of commercial development land.
“This is an exciting opportunity and we look forward to working with the Tucson Airport Authority to market its landholdings,” said Ike Isaacson, managing director of CBRE’s Tucson office. “The Airport Authority offers unique opportunities at Tucson International Airport and Ryan Airfield, each with large tracts of commercially developable land and the opportunity for direct runway access. Our goal is to continue to market the property as a premier economic-generator for the region.”
“The Airport Authority’s mission is to promote aviation and foster economic development in our region,” said TAA President and CEO Bonnie Allin. “We are continually looking for ways in which we can strategically plan, develop and operate the most efficient airport system possible while also growing Tucson’s economic footprint. By partnering with CBRE, we now have the benefit of real estate services and expertise that will drive those efforts and pursue opportunities.”
A collaborative team of brokerage professionals with CBRE’s Tucson office, including Bill Di Vito, Tim Healy, Robert DeLaney, Jesse Blum and Ian Stuart will handle the marketing and leasing of the property for TAA. .
As CBRE and TAA work together to attract new users to the area, the marketing team will look to capitalize on advantages like the region’s weather, unobstructed airspace, direct airfield access and TAA’s excellent inter-modal potential. The Tucson region already benefits from the presence of major aviation companies like Raytheon, Bombardier and Ascent, making a strong case for future users recognizing all the region has to offer and establishing operations in greater-Tucson.
In addition to regional and property advantages, TAA benefits from CBRE’s global airport experience. CBRE has a proven track record of working with airports and airport systems to cultivate successful development projects, and currently has eight active assignments domestically and several others in foreign markets. By leveraging the company’s various service lines, including the Aerospace & Defense Contractor Group, Labor Analytics Group, Economic Incentives Group, Global Corporate Services and more, potential users will benefit from a service that is specifically tailored to ensure they meet their real estate objectives.
“Ultimately, our goals center around building a sustainable business ecosystem,” said Isaacson. “By leveraging the company’s many service lines and extensive client network, we’ll be able to ensure that the users looking to locate in our market and the existing business community are equally well-served, guaranteeing long-term economic success for the region.”
Tucson International Airport is a full commercial service airport serving the Tucson metropolitan area, southern Arizona, and northern Sonora, Mexico, while Ryan Airfield serves as a general aviation reliever airport. Ryan Airfield is also a popular recreation field for transient pilots. Tucson International TIA encompasses ±8,343 acres and is located eight miles south of Tucson’s central business district. There are 130 separate buildings on the airport complex that provide nearly 2.5 million square feet of space. Ryan Airfield, located 12 miles southwest of downtown Tucson, covers ±1,804 acres and accommodates a wide variety of general aviation activity.
TAA has a long term agreement with the City of Tucson to operate and manage both airfields. TAA does not receive any local tax dollars and operations are funded through airport generated revenues from parking, space rentals, land leases, airline fees, and concessions. Capital improvements such as runway and terminal construction are funded primarily through state and federal grants, as well as airport user fees.