Alignment Realty Capital (“Alignment”) is pleased to announce two new closings within its fast-growing industrial fund. The properties total 44,949 square feet and a total investment of roughly $5.3MM.
In Tucson, Alignment acquired a 24,496 square-foot flex industrial property at 3601-3619 E Speedway Blvd, just 1.5 miles from the University of Arizona. The property is leased to an affiliate of an existing tenant within Alignment’s industrial portfolio and features a combination of office, showroom, and warehouse space, with a gated yard for truck and equipment storage – a unique offering in an otherwise dense, infill retail node.
“The Tucson industrial market is picking up steam,” says Jake Gallagher of Alignment. “We are excited to acquire our 1st industrial property in the area, adding to our 3 existing Tucson properties within other Alignment strategies,” he added. According to a recent CBRE Research Report, several regional and national tenants are in discussions for over 1 million feet of build-to-suit opportunities, and developers have recently purchased land with plans to build up to 3.7 million feet of industrial space.
Chad Neppl and Todd Hamilton of CitywideCRE represented Alignment on the deal. Carrick Sears of SVN represented the Seller.
In North Phoenix, Alignment acquired a 22,453 square foot industrial property at 225 West Deer Valley Road, representing Alignment’s second acquisition in the highly coveted Deer Valley industrial submarket. The building features direct frontage along Deer Valley Road, with a rare billboard on the parcel. Alignment created a mutually beneficial solution for the prior owner-occupant to downsize their footprint and remain in the building. A 5,000 square foot suite at the property will be brought to market for lease.
“With construction of TSMC’s chip manufacturing plant well underway and ancillary suppliers and service providers continuing to announce relocations and expansions in the area, we remain bullish on Deer Valley,” says Ben Sacks of Alignment. “We hope to acquire more property in this submarket,” he added.
Eric Bell of Kidder Matthews represented the seller in Deer Valley. National Bank of Arizona provided Alignment with acquisition financing for both the Tucson and Deer Valley properties.