TUCSON, ARIZONA — Affiliates of West Coast Capital (Phil Skillings, member) of Scottsdale acquired a two-property portfolio from affiliate entities of The Colton Company (David Colton, manager) of Santa Anna, CA for an aggregate of $68.35 million. Both properties are high-end professional offices with excellent visibility.
Cambric Corporate Center at 1730-1880 East River Road in Tucson sold for $20.85 million ($128 PSF). The 163,258-square-foot office complex has seven buildings on 8.9 acres, built in 1985 with mixed two- and three-story buildings. It was 95% occupied at time of sale with 41 tenants, located at the southwest corner of River Road and Campbell Avenue in Tucson.
In the second transaction, a large portion of the Williams Centre, at 5180-5285 East Williams Circle in Tucson sold for $47.5 million ($131 PSF). The 363,185-square-foot office space in four buildings was built in 1987. It was 92% occupied at time of sale with such tenants as Merrill Lynch, Tucson Hispanic Chamber, Asarco and Crest Insurance Group.
Phil Skillings, a principle with West Coast Capital is also with NAI Horizon in Tucson. Skillings will be handling the leasing at both properties.
Barry Gabel, Chris Marchildon, Bob Smith and Will Mast with CBRE in Phoenix represented the seller in the bulk sale.
For more information, Gabel can be reached at 602.735.5555 and Skillings should be contacted at 520.326.2200.
To learn more, see RED Comp #7223 and #7306.