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TUCSON, AZ-Armed with the proceeds from a $5.1-million sale, a California couple has satisfied a 1031 Exchange by acquiring the APAC Teleserve Facility in Tucson. For the seller, it’s the last property in an industrial park being piecemealed in recent years to turn a profit.

Henry and Sara Rose of Tarzana closed the deal, in part, with money gleaned from the February sale of the 60,458-sf Roosevelt Tech Center in Phoenix. The Tucson acquisition is a 63,707-sf building constructed in 1987. Seller Bedrock Foundations of Irvine, CA put the asset on the market in November 2000 at an asking price of $5.7 million. The Roses paid about $5.4 million.

The property is situated in an industrial park that Bedrock bought and started parceling off as soon as the buildings were stabilized in order to turn a profit on its investment. It is the last piece to sell, Rick Danis, senior associate for Grubb & Ellis Co.’s Phoenix office, tells GlobeSt.com.

APAC Teleserve occupies the entire building. The firm provides telemarketing services for telecommunications companies. The Tucson property houses an AT&T Broadband customer support team.

Danis and Paul Boyle, a G&E senior vice president, brokered the buy for the Roses. Rob Glaser of Tucson-based Picor Commercial Real Estate Services negotiated for the seller. Danis says no renovations are needed since the property is in great shape.

According to Danis, the metro market is in the midst of a banner year for industrial building sales, bringing an average per sf selling price of $53.37. To date this year, 59 properties traded. Of course, Danis concedes the number is bolstered by three large portfolio sales.

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