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.

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[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]

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Pima Federal Credit Union (Pima FCU) has purchased a 79,109-square-foot pad for[mepr-show rules=”58038″]$810,000 ($9.88 PSF) to construct a new branch location at Steam Pump Village in the Town of Oro Valley.

It was 1951 when Dick and Jane Evans, set out to purchase a family vehicle. While visiting a local credit union to apply for a car loan, it was suggested he start a credit union at the school he taught, Amphitheater High School. He joined a group of teachers and pooled $84 in total assets to form what is known today as Pima Federal Credit Union.

This humble beginning years ago served as the foundation on which the financial cooperative of Pima FCU was built. As founder Dick Evans expressed, “In those days (early 1950’s) millions were never talked about. We never thought about growth–we were just glad to get a new member and our only concern was to serve them.” This sentiment holds true to this day. This new location at Steam Pump Village will be their eighth location.

Steam Pump is a mixed-use project on the west side of Oracle Road, north of First Avenue, and includes Carpet One, Chili’s, BASIS School, Quik Trip, Holiday Inn Express Hotel & Suites, and a new luxury apartment complex, Encantada by HSL.

The historic preservation efforts of the Town of Oro Valley and its partner, Pima County, at the former Steam Pump Ranch site adjoin the property.

Brenna Lacey and Dave Hammack of Volk Company in Tucson represented the seller, Evergreen-Steam Pump, LLC. John Yarborough of Romano Real Estate in Tucson represented the buyer.

In other separate transactions, Rio Rico Plaza, LLC (Raymond and Michael Garrett) purchased the 37,800-square-foot shopping center at the northwest corner of Interstate 10 and Rio Rico for $2.6 million ($69 PSF). Rio Rico Land, LLC (Raymond and Michael Garrett) bought the land adjacent to the shopping center for $60,000. The combined total acreage purchased by both entities was 24.9 acres. The seller of the land and shopping center was Evergreen-Interstate 19 & Rio Rico NWC. Brenna Lacey of the Volk Company in Tucson represented the seller in both the Rio Rico transactions.

Lacey and Hammack should be reached at (520) 326-3200, while Yarborough is at (520) 577-1000, for more information.[/mepr-show]