Freeport-McMoRan Corporation has purchased the 85,000-square-foot building at 3350 E. Valencia Rd. in Tucson, AZ for $5.1 million, or $60 per square foot. The property had been one of eight national reservation centers for American Airlines, which has recently filed chapter 11 restructuring.
The property had been on and off the market for several years as a sale leaseback purchase by seller. The buyer will occupy the property after renovating. The light manufacturing building was constructed in 1991 on 14.5 acres in the SW Tucson / Airport Industrial submarket.
Steve Cohen and Russ Hall of PICOR Commercial Real Estate Services, a Cushman & Wakefield affiliate, represented the seller.
For additional information on this transaction, see CoStar COMPS #2592427.