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MARANA, AZ-A goal to pay down debt and strengthen its balance sheet has led Presstek Inc. to sell a 68,304-sf manufacturing building north of Tucson. The Hudson, NJ-headquartered Presstek has collected $8.75 million from the sale-leaseback.

As part of the deal, the digital imaging solutions company signed a 10-year lease for 38,727 sf with 2030 East LLC of Tucson. Another tenant, Proto Tech, occupies about 6,000 sf, but could expand its presence up to 10,000 sf, dealmakers say. The remaining space at 7775 N. Casa Grande Hwy. is being marketed for 85 cents per sf, triple net. The new owner also got an adjacent seven acres, which are being held for future development.

Tim Healy, vice president and industrial specialist in CB Richard Ellis’ Tucson office, says the 12-year-old building was on the market only a short time, but it took awhile to get the asset under contract. “At the time of the listing, there were some unknowns,” explains Healy, who worked the deal with CBRE first vice presidents Robert Davis and William L. DiVito and senior analyst Howard Kong.

“The biggest issue was the leaseback because Presstek wasn’t sure how much space it would need. Until we could provide concrete info as to what the leaseback involved, we couldn’t move forward,” Healy tells GlobeSt.com.

With the dust settled from the closing, Healy says the remaining space is attracting interest. “We’ve had discussions with potential tenants, but nothing concrete right now,” he adds.

Healy has the leasing assignment for the asset. Rob Fishrup of Vast Commercial Real Estate Solutions LLC in Tucson represented the buyer.

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