Address: 3350 E Hemisphere Loop
Year Built: 2002
Building SF: 144,000 SF
Acquisition Date: December 2023
Projected Hold Period:
3.0 Years
Acquire at an 8.10% cap on existing rent, $171 per rentable square foot (“rsf”) or an 8.91% cap with removal of the value of the adjacent land value.
- Compelling opportunity to acquire a premiere R&D asset within the Tucson MSA.
- 100% leased to an investment grade tenant with a weighted average lease term (“WALT”) of 8.5 years.
- Strategically serves as Raytheon Technologies’ R&D facility for its Missiles & Defense systems and the Tenant is Tucson’s largest private employer which has had an embedded presence in Tucson since 1951.
- Significant value unlocked by selling the adjacent vacant land during the investment period to reduce basis and dispose of the remaining property in 36-48 months for a ~6.50% cap rate (~$226 per rsf).
- Value-add investment returns for core-plus type risk profile.
