TUCSON, AZ (May 23, 2024)—The former Progressive Insurance building at 1305 S Alvernon Way sold for $2.25 million ($155 PSF) at South Alvernon Way and 22nd Street in Tucson.
Progressive built the 14,496-square-foot modern office/retail flex building for a service center in 2014 on 3.64 acres and relocated its center and employees from 5255 E Williams Circle in Tucson to this new building. See Real Estate Daily News for the prior transaction: Progressive Insurance Plans New 14,000 SF Service Center in Tucson (realestatedaily-news.com)
This transaction closed on May 13, 2024.
In this transaction, Tim Healy and Ryan Hall, seasoned real estate professionals with CBRE (Tucson), represented Progressive Casualty Insurance Company, the seller. Their expertise and dedication ensured a smooth process. On the buyer's side, Jessica Bojorquez, a trusted realtor at EXP Realty, represented Vet West Investment Group, the investor.
The buyer, Vet West Investment Group, has exciting plans for the property. They intend to lease it as an automotive service center or dealership, tapping into Tucson's thriving automotive industry. This strategic move promises a bright future for the property and the local economy.
For more information, Healy and Hall can be reached at 520.323.5100, and Bojorquez can be contacted at 602.448.9557.
To learn more, see RED Comp #11293.