{"id":1004057565,"date":"2013-01-11T09:46:19","date_gmt":"2013-01-11T17:46:19","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=93909"},"modified":"2025-02-25T23:37:20","modified_gmt":"2025-02-26T07:37:20","slug":"single-tenant-office-complex-in-tucsons-east-side-sells-for-17-8m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/single-tenant-office-complex-in-tucsons-east-side-sells-for-17-8m\/","title":{"rendered":"Single-Tenant Office Complex in Tucson\u2019s East Side Sells for $17.8M"},"content":{"rendered":"<p>By Camelia Bulea, Associate Editor<\/p>\n<p><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/01\/office-complex-Tucson.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-93912\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/01\/office-complex-Tucson.jpg\" alt=\"\" width=\"300\" height=\"199\" \/><\/a>A California non-profit group paid $17.85 million for an office complex located near east Speedway and north Kolb Road, on Tucson\u2019s east side. The buyer is the H.N. and Frances C. Berger Foundation, based in Palm Desert. Bob Young of CBRE helped broker the sale.<\/p>\n<p>The 129,117-square-foot office complex includes three, two-story Class A office buildings sitting on a 9.43-acre parcel. Also included in the transaction are a total of 630 parking spaces.<\/p>\n<p>The campus at 930, 940 and 950 N. Finance Center Drive is 100 percent occupied by a single tenant, GEICO Insurance, one of the nation\u2019s leading providers of affordable automobile insurance. In 2003 the company leased 15,000 square feet of space in one of the buildings and since then it has expanded its leasable space twice, having now more than 1,000 employees in the office complex. <em>Arizona Commercial Real Estate<\/em> reports that GEICO has another five-and-a-half years remaining on its lease.<\/p>\n<p>\u201cWe are seeing increased investor interest in single-tenant deals. The attractive yield provided on this deal compared very favorably to alternative fixed-income instruments and the buyer also received an investment-grade credit tenant,\u201d said Kevin Shannon, vice chairman \/managing director at CBRE.<\/p>\n<p>According to CBRE Global Research and Consulting, Tucson\u2019s Northwest office submarket saw positive absorption in the third quarter of 2012, while the Downtown and central submarkets recorded a low tenant activity. Additionally, the market saw more space vacated than absorbed for two consecutive quarters: Tucson office properties reported 45,865 square feet of negative absorption for the year.<\/p>\n<p><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/01\/pentru-Camelia-2.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium wp-image-93911\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/01\/pentru-Camelia-2.jpg\" alt=\"\" width=\"300\" height=\"197\" \/><\/a><em>Photo courtesy of CBRE, via Arizona Daily Star<\/em><\/p>\n<p><em>Chart courtesy of CBRE Global Research and Consulting<\/em><\/p>\n<p>For more news from Tucson, <strong><a href=\"https:\/\/www.multihousingnews.com\/news\/market-snapshot-new-deliveries-in-tucson-skyrocket-to-highest-levels-since-2006-rents-flatline\/1004060153.html\" rel=\"nofollow\">click here<\/a>.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A California non-profit group paid $17.85 million for an office complex located near east Speedway and north Kolb Road, on Tucson&rsquo;s east side. The buyer is the H.N. and Frances C. Berger Foundation, based in Palm Desert.<\/p>\n","protected":false},"author":271,"featured_media":1004505847,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742],"tags":[1815,1613],"class_list":["post-1004057565","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest","tag-national","tag-tucson"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Single-Tenant Office Complex in Tucson\u2019s East Side Sells for $17.8M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/single-tenant-office-complex-in-tucsons-east-side-sells-for-17-8m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Single-Tenant Office Complex in Tucson\u2019s East Side Sells for $17.8M\" \/>\n<meta property=\"og:description\" content=\"A California non-profit group paid $17.85 million for an office complex located near east Speedway and north Kolb Road, on Tucson&rsquo;s east side. The buyer is the H.N. and Frances C. Berger Foundation, based in Palm Desert.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/single-tenant-office-complex-in-tucsons-east-side-sells-for-17-8m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-01-11T17:46:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-26T07:37:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/office-complex-Tucson.jpg?w=1024\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Camelia Bulea\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/single-tenant-office-complex-in-tucsons-east-side-sells-for-17-8m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/single-tenant-office-complex-in-tucsons-east-side-sells-for-17-8m\\\/\"},\"author\":{\"name\":\"Camelia Bulea\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/71754b36bc1882cf2fc692fe215d26c7\"},\"headline\":\"Single-Tenant Office Complex in Tucson\u2019s East Side Sells for $17.8M\",\"datePublished\":\"2013-01-11T17:46:19+00:00\",\"dateModified\":\"2025-02-26T07:37:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/single-tenant-office-complex-in-tucsons-east-side-sells-for-17-8m\\\/\"},\"wordCount\":284,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/single-tenant-office-complex-in-tucsons-east-side-sells-for-17-8m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2021\\\/03\\\/office-complex-Tucson.jpg\",\"keywords\":[\"National\",\"Tucson (No longer used)\"],\"articleSection\":[\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/single-tenant-office-complex-in-tucsons-east-side-sells-for-17-8m\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/single-tenant-office-complex-in-tucsons-east-side-sells-for-17-8m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/single-tenant-office-complex-in-tucsons-east-side-sells-for-17-8m\\\/\",\"name\":\"Single-Tenant Office Complex in Tucson\u2019s East Side Sells for $17.8M - 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