Areté Building Attracts CA Investor for $9.5 Million

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Legacy Property Management, LLC of Orange County, CA purchased the office building occupied by Areté Associates in The Village Offices at 3194 N Swan Road in northeast Tucson for[mepr-show rules=”58038″] $9.5 million ($265 PSF). The 35,800 sq. ft. class-A office building was custom build in 2006 for Areté Associates by Venture West, the developer of Swan Corporate Center and Village Offices at the corner of Swan and Camp Lowell.

Areté, an employee-owned company with customers in all branches of National Security, was founded in 1976 as an early stage research company working on Navy contracts. In the succeeding decades, Areté has come to offer complete operational-capability development across the technology spectrum from applied research to Limited Rate Production and Systems Engineering. Areté has teamed with many Aerospace and Defense prime contractors to deliver sophisticated hardware and software, enhancing their products delivered to the Government.

The company’s focus is on enhancing the performance of existing systems by developing software improvements in the processing algorithms. This software based approach makes Areté performance improvements broadly applicable to most sensor hardware.

Occasionally, software alone cannot provide sufficient capability enhancement so Areté has also developed new sensor hardware in those instances. Whether software- or hardware, Areté has a unique capability to offer industry partners an integrated technology development function that seamlessly integrates development from new technology research through Limited Rate Production.

Other offices for Areté are in Santa Rosa, CA, Los Angeles, CA, Longmont, CO, Chantilly, VA, Arlington, VA and Niceville, FL.

Rob Glaser, SIOR, CCIM, Principal and Industrial Specialist and Rick Kleiner, MBA, Principal and Office Specialist with Cushman & Wakefield / Picor represented the seller, NFB Investors, a private investment group affiliated with Venture West. Jonathan Garvy and Hank Wildermuth of Available Properties in Anaheim, CA represented the investor. This was the first investment in Tucson for the buyer.

Glaser and Kleiner can be reached at (520) 748-7100. Garvey and Wildermuth can be contacted at (714) 998-8205. [/mepr-show]

[ismember]Sale date: 7/26/2013. This was the buyer’s upleg in a 1031 exchange. Property was sold at an approximate 8% cap rate based on income at time of sale.[/ismember]