November 25, 2008

Intercontinental Acquires Tucson Industrial Portfolio


Intercontinental Real Estate Corp. purchased a technology & industrial portfolio in Tucson, Ariz., the company announced. The acquisition was made on behalf of Intercontinental’s U.S. Real Estate Investment Fund L.L.C. 

The six-building, multi-tenant industrial portfolio totaling 606,000 rentable square feet also includes surface parking spaces and is comprised of two adjacent industrial parks: Medina Business Park I & II and Tucson Commerce Center I – IV. Additionally, the 40-acre site also includes four acres of land for future development opportunities. 

The 14-acre Medina Business Park offers two industrial/flex buildings totaling 199,7090 rentable square feet. The 406,300-square-foot Tucson Commerce Center consists of four single-tenant and multi-tenant buildings. 

The portfolio is conveniently located adjacent to Tucson International Airport and is in close proximity to the Interstate 10 and Interstate 19 Freeways. 

Thomas Taranto, director of acquisitions, asset and portfolio management at Intercontinental commented, “The portfolio represents a stable, well leased asset with great accessibility to major highways, amenities, and an International airport. It is an attractive investment opportunity for U.S. REIF and further expands our presence on the West Coast.”

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