Cushman & Wakefield advises net leased sale of last mile distribution facility for $22.3 Million in Tucson, AZ

Cushman & Wakefield announced the firm has brokered the net investment sale of a last-mile distribution building at 775 W Silverlake Road in Tucson, Arizona. The 49,500-square-foot logistics building is fully leased to a Fortune 10 global e-commerce company and sold for $22.3 Million ($451 PSF). The buyer was a California family trust.

Andrew Bogardus and Douglas Longyear of Cushman & Wakefield in San Francisco in collaboration with Stephen Cohen of Cushman & Wakefield | Picor in Tucson represented the seller, an East Coast investor, in the transaction.

“This was a great opportunity to purchase a quality, stabilized, and well-located industrial asset that is 100% leased to a desired global tenant. Overall, industrial real estate has seen explosive growth since the pandemic, with e-commerce surging as a key part of our economy. This has made these types of logistics facilities highly valued by investors,” said Executive Director Andrew Bogardus.

“Tucson maintains a tight industrial market vacancy of just 2.5% and reported another 600,000 square feet of occupancy growth during the fourth quarter of 2022, according to Cushman & Wakefield’s latest Q4-2022 market report. Demand has been driven by segments such as logistics, distribution, and manufacturing,” continued Stephen Cohen.

Situated on approximately 10.75 acres, the distribution facility features 15 loading docks and is strategically located near I-10 and I-19, and close to downtown Tucson. The Tucson International Airport is also within close proximity.