Investor Trades for Sale Leaseback

The office building at 5102 E Pima Street in Tucson sold for $420,000 ($105 PSF) in a sale leaseback transaction to a private investor, Alexandra Siegal of Steamboat Springs, CO. The seller was Vast Commercial Real Estate of Tucson under an affiliate One Eighty Three Investment Group, LLC (Jon O’Shea and Rob Fischrup, principals).

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[mepr-show rules=”58038″]The 3,986 square foot building was fully occupied by two tenants when it sold, the seller Vast Commercial and Tool Force One. Vast will continue to occupy their portion of the building that includes the second floor in a sale leaseback agreement with the buyer.

The transaction was the buyer’s upleg in a 1031 exchange, who recently also purchased the Southwest Professional Plaza offices at 2122-2224 N Craycroft Road in Tucson for $2.2 million in which Vast represented the seller. For full story on Southwest Professional Plaza sale click here.

The property was built in 1974 and had undergone a complete renovation prior to the purchase. The seller bought the property in March 2012 to owner occupy.

Loui Antonucci of Keller Williams in Steamboat Springs, CO represented the buyer and Jon O’Shea of Vast Commercial Real Estate was self-represented in the transaction.

O’Shea can be contacted at (520) 780-4743. Antonucci can be reached at (970-871-1960.[/mepr-show]

[ismember]Sale date was 8/26/2013. Escrow was 2 weeks.  Property sold at a 9% cap rate.[/ismember]