Multi-tenant Office Building on Oracle sells for $2.85 Million

image_pdfimage_print

TUCSON, Arizona — The multi-tenant office building located at 6760 North Oracle Road in Tucson was sold by DG Oracle, LLC (Marcel Dabdoub, manager) for $2.85 million ($162 PSF).

Stephen Grimm with Grimm Commercial represented DG Oracle in the acquisition of the office building and the adjoining property, 6780 North Oracle Road (Hi Falutin Western Grill), in 2012 for approximately $1.8 million. The Hi Falutin property was sold in 2014 for $850,000.00 ($257.58 PSF).

Since then, the seller spent the next few years stabilizing the asset by extending lease terms for loanDepot and Realty Executives, signing a new lease with Title Security Agency and improving all the suites and common areas.

In the fall of 2018, Stephen Grimm and Juan Pantoja with Grimm Commercial were contracted to list the property for sale again with an asking price of $2.9M. After negotiating with multiple parties for last 6 months, the seller accepted the best and highest offer from Dennis Paquette of Tinalden Ventures, LLC and two other partners.

Grimm Commercial has been contracted to continue the management of the property.

For additional information regarding this transaction, please contact Stephen Grimm or Juan Pantoja at 520-795-5200.

To learn more, see RED Comp #7226.

 

Leave a Reply