Former Studio-C at Steam Pump Village Sells for $1.15 Million

Oracle Road Partners LLC, an affiliate of Tucson-based Diamond Ventures purchased a 19,700-square-foot building at 11085 North Oracle Road in Steam Pump Village, in Oro Valley, Ariz for $1.15 million ($58 PSF). The property was owned by National Bank of Arizona when it sold in this REO sale. Originally build for Studio C of California Design Stores, the store first opened in 2006 and has been banked owned for approximately two-years.

Doug Marsh and Robert Nolan with Oxford Realty Advisors represented the seller.

Marsh told the Real Estate Daily News, “To find a tenant for either retail or office for the 20,000-square-feet in this submarket was difficult. We had interested parties for 8-10,000-square-feet spaces so the best option is to split it into smaller office and / or retail spaces.”

It’s been difficult for the office market for some time. Marsh told us. “The Tucson market isn’t overbuilt, but the velocity just isn’t there.”  Companies aren’t creating jobs at a rate to expand and office tenants don’t want to commit with uncertainties in the economy.

Diamond Ventures stepped up and took the risk of dividing the building into any size range users need.

Oxford Realty will be handling the leasing of the building and believes it may already be leased to interested tenants needing slightly smaller spaces.

Shannon Murphy of DVI Realty Service in Tucson represented the investor.

Contact Marsh or Nolan at (520) 232-0200 for leasing information. Murphy can be reached at (520) 577-0200.