Pima Federal Credit Union Buys Oracle Road Plaza for $7.8 Million

Tucson-based, Pima Federal Credit Union bought the 44,855-square-feet garden-style office complex at 6840-6860 N Oracle Road in Tucson for $7.775 million ($173 PSF). Pima Federal Credit Union was already a tenant in 22,000-square-feet and in need of more space when it chose to buy the office complex located south east of Ina Road on Oracle in the Northwest Tucson submarket.

John Yarborough of Romano Real Estate in Tucson who handled the transaction for buyer and seller said, “Buying the Class-A office complex instead of building a new allows for the Credit Union expansion and future tenant mix.” In addition to Pima Federal Credit Union, other tenants in the complex are Senator Jeff Flake, Morgan Stanley, and the Willman Law Firm.

Morgan Stanley is building a new 20,000-square-foot building at Skyline Esplanade II (for full story click here) and will be moving out of the space on Oracle when new building is complete, perfect timing for Pima Federal Credit Union to occupy.

Pima Federal Credit Union started in 1951, when sixteen teachers pooled together $84 in deposits and founded the credit union with the common purpose of helping people. To this day, that common purpose still exists with seven locations around Tucson.

Casa De Sharon, LLC (Stacey Torchon, manager) of Calabasas, CA was the seller of property built in 2000 on this 4.3 acre site.

Yarborough told us there was 12,234-square-feet available in two spaces at time of sale and Romano Real Estate has been retained by the new owner to continue as leasing representative.

To learn more Yarborough should be reached at (520) 577.1000 ext. 7117.

[mepr-show rules=”58038″]Sale date: 8/28/2014. Sale price: $7,775,000, all cash deal closed in 30-days. Asking lease rate for 1,847 SF space and 10,387 SF space was $22/SF/ modified gross on a 5-year lease.[/mepr-show]