X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.