606,027-SQUARE-FOOT INDUSTRIAL PORTFOLIO FETCHES $46.3 MILLION
TUCSON, ARIZ. — Boston-based Intercontinental Real Estate Corp. has acquired a six-building industrial/research and development portfolio in Tucson for $46.3 million or $73.40 per square foot. Situated on 50.92 acres adjacent to the Tucson International Airport, the 606,027-square-foot portfolio consists of Tucson Technology and Commerce Center I, II, III, IV and Medina Business Center I & II. At the time of acquisition, the asset was 95 percent occupied by a variety of tenants, including Ferguson Enterprises, UPS, Solon AG and United Collections Bureau. A joint venture of the Muller Company and GE Real Estate sold the portfolio. Ryan Gallagher and Kelly Rohfeld with Grubb & Ellis, along with Russ Hall and Steven Cohen of Picor Commercial, brokered the transaction.