The Comcast building on Oracle Road has been purchased by Manhattan investors.
Oracle Realty Associates of Manhattan LLC bought the single-tenant building for $24.4 million.
Constructed in the mid-1980s as a retail mall, the building was last occupied by American Home Furnishings before being converted into office space by Comcast in 2015.
The 211,152-square-foot building, at 4690 N. Oracle Road, is three stories tall and has an adjacent parking garage with more than 1,000 covered spaces.
Comcast is in a 10-year lease that started in 2016 with an annual rent of $1.8 million for years 1 through 5 and $2.4 million for years 6 through 10.
“Tucson is viewed favorably from an investor’s perspective when considering the growth, job market, and long-term stability of the overall economy,” said Picor broker Greg Furrier, who represented both parties in the sale.
“An investor will achieve a better yield on their investment in Tucson than in most other Western U.S. markets,” he said. “The Comcast building is on, arguably, the most valuable land in the city ... adjacent to the highest-revenue-producing mall (Tucson Mall) south of Phoenix.”
Other recent commercial transactions include:
- Desert Palms, a 68-unit apartment complex at 3125 N. Alvernon Way, sold for $3.1 million. The seller, a limited liability company, was represented by Hamid Panahi, James K. Crawley, Cliff David and Steve Gebing, with Marcus & Millichap’s Phoenix office. The buyer, a private investor, was represented by Sean Kameli and Sevak Keshishian, with Marcus & Millichap’s Encino office.
- Keith Newlon, of Pioneer Title, bought a 5,940-square-foot office building at 1889 N. Kolb Road for $1 million. Frank Arrotta, of Tucson Realty & Trust Co., represented the buyer. Buzz Isaacson and Jeff Casper, of CBRE, represented the seller, 1889 N. Kolb Road Co. LLC.
- Sunstreet Mortgage LLC leased 14,635 square feet of industrial space at 2705 E. Medina Road from 2705 Medina Properties LLC. Brandon Rodgers, Stephen D. Cohen and Russell W. Hall, with Picor, represented the landlord. Doug Marsh, with Oxford Realty Advisors, represented the tenant.
- Owl Inc. leased 8,554 square feet of office space at 4841 S. Overland Drive from B&B Arizona Holding LLC. Ryan McGregor, with Picor, represented the tenant. Jeff Casper, Tim Healy and Robert DeLaney, with CBRE, represented the landlord.
- Tucson Physician Group Holdings leased 7,068 square feet at 5655 E. River Road. David Montijo and Damian Wilkinson, of CBRE, represented the tenant. CBRE’s Jeff Casper, Pete Villaescusa and Jesse Peron represented the landlord, GRI River Center LLC.
