TUCSON, Arizona – CBRE has brokered the sale of a 15,484-square-foot office building in Tucson, Ariz. to an unnamed buyer for $3.45 million or $223 per square foot. The property is 100 percent leased to Intermountain Centers, the largest non-profit organization in Southern Arizona, on a new 15-year triple-net lease.
CBRE’s Bryce Horner represented the seller, Tucson-based BSH Investments LLC.
Located at 994 S Harrison Road in Tucson, the property has been occupied by Intermountain Centers since it was built in 2006. The building is in an affluent, growing area surrounded by quality, established residential sub-divisions and an abundance of nearby amenities. A new 70-bed hospital is planned just over one mile east of the property. Additionally, the two-story property benefits from strong ingress/egress and ample surface and covered parking.
“The property drew significant investor interest at a low cap rate due to the brand new 15-year lease in place,” said CBRE’s Horner. “It is in a highly desirable location on Tucson’s fast-growing eastside, which has seen large amounts of new residential and commercial development, and subsequent population growth in recent years.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.