An office complex on Tucson's east side has been purchased as an investment property by a California nonprofit group.
The H.N. and Frances C. Berger Foundation, based in Palm Desert, Calif., paid $17.85 million for the complex near east Speedway and north Kolb Road.
The three-building cluster at 930, 940 and 950 N. Finance Center Drive is fully leased by insurance company Geico for its regional headquarters, said Bob Young of CBRE, who helped broker the sale.
He said the high-caliber client, which has another five years on its lease, made the property attractive.
"The foundation was looking for ways to get cash flow," Young said.
The Bergers established their foundation in 1961 and contribute to programs that benefit education and social services.
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Geico's Tucson operation grew and the company took occupation of the whole space last year, Young said.
"They've grown steadily over the years and plan to expand and add more employees," he said.
Young said there have been several investors inquiring about local properties.
"Tucson is getting noticed by more national investors," he said. "That's a good thing as the market is getting better."
"Tucson is getting noticed by more national investors. That's a good thing as the market is getting better."
Bob Young of CBRE
Contact reporter Gabriela Rico at grico@azstarnet.com or 573-4232.