Colliers International of Phoenix negotiated a $19 million sale ($132 PSF) at 3350 N Hemisphere Loop in Tucson. The 143,650-square-foot two-2 story office building was fully occupied by a long-term single-tenant when it sold and sits on 16 acres in Tucson Industrial Business Center, off Country Club and Valencia near Tucson International Airport.
Seattle-based DCG III, LLC sold the property to RACO (AZ), LLC of New York, an affiliate of W.P. Carey of New York.
The investment firm is a publicly traded REIT (NYSE:WPC) and as a real estate advisory and investment company invests primarily in commercial properties that are each triple-net leased to single corporate tenants, domestically and internationally. Its real estate investment portfolio consists primarily of single-tenant commercial real property.
The firm owns and manages an investment portfolio totaling more than $15 billion. The largest owner/manager of net lease assets, WPC’s corporate finance-focused credit and real estate underwriting process is a constant that has been successfully leveraged across a wide variety of industries and property types. Its portfolio of long-term leases with creditworthy tenants has an established history of generating stable cash flows that have enabled WPC to deliver consistent and rising dividend income to investors for nearly four decades.
In January, the company added the Avnet Building in Tempe, AZ for $21.5 million ($163 PSF) to its portfolio.
This is W.P. Carey’s first acquisition in the Tucson market.
Neil Glassmoyer, Tivon Moffitt and Peter Bauman with Colliers International in Phoenix handled the transaction and should be reached at (602) 222-5000.
Login for additional information.