Infinity Insurance Expanding Into Tucson Buys $5 M Building

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Infinity Insurance, a wholly owned subsidiary of Infinity Property and Casualty Corporation (NASDAQ:IPP) purchased the 49,964 sq. ft. building at 3160 E Transcon Way in Tucson for[mepr-show rules=”58038″]$5 million ($100 PSF) for its new Tucson location. Infinity plans to house 450 employees in the 49,964 sq. ft. building on 4.25 acres at final build out.

Infinity is already operating in about 22,000 sq. ft. of the building with 30 employees at Valencia Road and Country Club Road, having moved into the space formerly occupied by EOS Systems. The company plans to initially invest $500,000 – $1 million in the operation and hire 120 workers by the end of the year. When fully built out it will employ 400-450 employees. The remaining 28,000 sq. ft. is vacant, ready for final build out.

Infinity’s grand opening is scheduled for sometime in this Fall.

Infinity is a national provider of personal automobile insurance. Its products are offered through a network of approximately 13,000 independent agencies and brokers. According to TREO’s Regional Development Director, Michael Guymon, “Infinity first approached TREO last October and was attracted to Tucson for its bilingual workforce.”

Bo Cupps, Infinity’s Real Estate Director who handled the transaction for the company, says he knew the region from being stationed at Fort Huachuca in the military and sees one of the main attractions of locating to Tucson is being away from most natural distasters.  “The transaction was very straight forward and after all the negotiating and details were worked out closed in 30-days,” according to Cupps.

Todd Poer formerly with Jones, Lang LaSalle of Atlanta represented Infinity in the transaction. Poer has since moved to D. Scott Murphy Realtors of Atlanta. Tim Healy of CBRE in Tucson represented the sellers, AEH Investors V, LLC and PMH Investors V, LLC (Brandt Hazen, manager) of Tucson.

Guymon at TREO can be reached at (520) 260-3666. Cup at Infinity can be contacted at (205) 588-3230. Healy is at (520) 323-5119. Poer can be contacted (678) 584-5900.[/mepr-show]

Login for more information for subscribers. [ismember] This was a 1031 exchange for seller. On 6/5/2013 seller bought 4881 E Grant Road for $4,265,000 as part of the exchange. [/ismember]