(To read more on the industrial market, click here.)

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.