CBRE completed the $17.85M sale of a 129,117 SF office campus at 930, 940 and 950 N. Finance Center Dr. in Tucson.

The campus is 100% leased by GEICO Insurance, one of the nation’s leading providers of affordable automobile insurance.

Bob Young, Steve Brabant, Glenn Smigiel and Rick Abraham in CBRE’s Phoenix office; Kevin Shannon and Ken White in El Segundo, Calif., and Mike Sandahl in Tucson, along with Doug Marsh of Oxford Realty Advisors, also in Tucson, represented the seller, West Coast Capital Partners, which has offices in Torrance, Calif., and Scottsdale and structured the sale. The buyer was The H.N. and Francis C. Berger Foundation of Palm Desert, Calif.

“The purchase by The H.N. and Francis C. Berger Foundation represented an opportunity to own a well-located office asset for below replacement cost while reaping the benefit of an increasing cash flow from an AA+ credit tenant,” Young said.

Added Shannon: “We are seeing increased investor interest in single tenant deals. The attractive yield provided on this deal compared very favorably to alternative fixed income instruments and the buyer also received an investment grade credit tenant.”

The office campus includes three, 2-story Class A office buildings, each a different size: 65,476 SF, 35,037 SF and 28,604 SF. The buildings sit on a 9.43-acre parcel, which includes 463 parking spaces. A 1.8-acre surface, overflow parking lot across the street, containing another 167 parking spots, was included in the sale.

GEICO took occupancy in one of the buildings in 2003, leasing 15,000 SF. Since that time it has expanded twice, and now has more than 1,000 employees occupying the entire facility. GEICO has another five and a half years remaining on its lease.