Tucson-Area Life Sciences Building Delivers Near Record Price
Institutional Property Advisors (IPA) arranged the sale for the life sciences facility. The asset is subject to a 10-year, triple-net lease with options held by Roche Molecular. VM Building Two Corporation paid $19 million for the 60,437 square foot property, which comes out to $314/square foot. IPA’s Tivon Moffitt says the seller got top dollar for the property, “This sale represents one of the highest prices per square foot for an industrial asset in the Tucson market and further demonstrates the importance of Arizona as a distribution and manufacturing hub.” Prior to occupying the building, Roche invested more than $12 million in the facility. The building will be used for a cancer testing device manufacturing.
Located adjacent to Roche’s logistics and distribution facility off Interstate 10, the property is 18 miles north of Downtown Tucson. Southwest Gas purchased 25 acres nearby for its new regional headquarters and further east, transportation company CTI Inc. bought a 20-acre site for its Tucson-area headquarters.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.
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