TUCSON, AZ-A Southern California investor is at it again, acquiring two buildings totaling 202,000 sf for a total purchase price of nearly $5.5 million. Buyer Silagi Family Trust of Thousand Oaks purchased a 101,000-sf R&D flex building and a 101,000-sf warehouse at 2900 E. Elivra Rd. and 3000 E. Elivra Rd. respectively to add to facilities already acquired by the trust.
The 25% occupied buildings, situated on a total of 18 acres, were originally part of a four-building, 400,000-sf campus developed by IBM in the late 1970s. Over the years, the buildings were redeveloped and sold to separate investors. "Silagi had acquired two other buildings on the campus about nine months ago, and was motivated to acquire all four buildings so he could unit them into a potential campus," explains Robert Glaser, industrial specialist and principal with PICOR Commercial Real Estate Services in Tucson.
Glaser, who represented seller BD 34th Properties Real Estate Partnership of Tucson, added that the facilities had originally been offered for lease, and once a unsolicited for-sale offer was received, negotiations took place.
"I think the buyer wants to make this into another corporate campus, and there's likely to be a degree of renovation," Glaser tells GlobeSt.com. "They'll then aggressively market the properties for lease." A budget for renovation and repositioning was not available.
Silagi, represented by PICOR principals Steve Cohen and Russ Hall, has several holdings in the area including the Weiser Lock Building at 6700 S. Weiser Lock Dr. The trust acquired the former IBM buildings for investment purposes.
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