A mining division of H-E Parts has leased the remaining 8,400 SF of 3224 N Freeway Industrial Loop. This lease proves how strong the industrial market is and how spec industrial development is now a proven model and makes sense in the Tucson market. We can confidently assume that this success will spur more development which leads to job creation and strong economic development for Tucson.
For years, developers have been bearish with spec development. This new lease and lease rate in Tucson proves that the Southern Arizona industrial market is in need of spec development. The lease was completed before the landlord even built out any office or improvements,. The building was in shell condition at the time of the lease execution. That goes to show there is pent up demand from quality tenants in the Tucson region.
As industrial businesses tour the Tucson market their biggest concern is the lack of inventory and the lack of new product. In a low vacancy real estate market, finding a new building can be a huge win for a growing business and can attract new businesses to the region. More spec construction will lead to increased economic growth in the Tucson area.
The construction was completed by Peter Strunk of MJI Company. Peter can be reached at 520-269-9895 mjicompany.com
Max Fisher of BRD Realty represented the landlord and Rob Glaser of Cushman & Wakefield | PICOR represented the tenant.
Max Fisher, Industrial Properties Broker