Harsch Investment Properties, a Portland-based real estate firm, announced that it had purchased a 190,000 square foot portfolio in Tucson, Arizona for an undisclosed sum. The portfolio includes the 60,000-square-foot Butterfield Corporate Plaza, a high-end office/R&D flex property, and the Tucson Airport Center, a 130,000-square-foot project with office and industrial tenants. Bill DiVito and Jesse Blum of CBRE Tucson served as the listing brokers for both the Butterfield Corporate Plaza and the Tucson Airport Center. The final sale price and terms of the deal were not disclosed.
Bill Rodewald, Harsch Investment Properties southwest regional manager, told GlobeSt.com: "The demographics are impressive not only from the standpoint of population growth but because the median age is so young and dynamic. The University of Arizona is a very big factor in this trend since more highly skilled graduates are now tending to stay in Tucson and create new companies. The Downtown core has been dramatically changed by the Sun Link streetcar line that runs from the university to downtown and has transformed the area to the new hotspot for both student housing and nightlife. These trends should bode very well for the surrounding industrial markets that serve the Tucson and Southern Arizona markets."
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