Tucson, Az., November 30, 2022—Portland-based Schnitzer Properties has announced the acquisition of 4300 E Los Reales Road, previously home to a race track! The 98-acre property is located within close proximity of the Tucson International Airport.
The former USA Raceway facility, which was built in 1998 as the Tucson International Raceway, includes a full racetrack with grandstands, a concession area, restroom facilities, a pit area, and a parking lot. The property is just over one mile east of the Tucson International Airport and is located near other Schnitzer Properties airport projects.
“We are excited to add the Los Reales property to our ever-expanding real estate holdings in Tucson,” said Jordan Schnitzer, President of Schnitzer Properties. “We now own and operate over 1M feet of industrial and office property in Tucson and have development potential of another 2M square feet of buildings.”
Robert Glaser, Principal of Industrial Properties with Cushman & Wakefield and Picor, brokered the development, “Adding this Industrial Parcel is further evidence that Schnitzer Properties is very serious about its commitment to growing with Tucson. This parcel will provide flexibility for Schnitzer to meet the facility needs of a large user by developing a build-to-suit opportunity for that company. The market is active for both possibilities.”
“Larger land parcels in the airport submarket are increasingly difficult to find,” said Bill Rodewald, Senior Vice President, Regional Manager, “The opportunity to buy airport adjacent land in the path of future growth could not be passed up. Although we are currently planning several industrial distribution buildings on the site, it would not surprise me to have a much larger user want us to provide a campus-like development on this significant parcel.”
About Schnitzer Properties
Schnitzer Properties is a privately-owned real estate company that acquires, manages and develops properties for its own portfolio. The company owns and operates 28 million square feet of office, multitenant industrial, multi-family and retail properties in six western states. Headquartered in Portland, Oregon, Schnitzer Properties has regional offices in Portland, Seattle, the San Francisco Bay Area, Sacramento, Las Vegas, and San Diego.