TUCSON-The regional headquarters facility of the company best known for having a computer-animated gecko as its representative has a new owner. West Coast Capital Partners of Torrance, CA, sold the 129,117-square-foot GEICO Insurance office campus to H.N. and Francis C. Berger Foundation of Palm Desert, CA for $17.8 million.

“The purchase by 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,” observes Bob Young with CBRE's Phoenix office in a press release. GEICO has another five and a half years remaining on its lease at the campus, which is located at 930, 940 and 950 N. Finance Center Dr.

Young, in tandem with CBRE Phoenix colleagues Steve Brabant, Glenn Smigiel and Rick Abraham, represented the seller in marketing the asset and brokering the transaction. Also on the seller's team were Kevin Shannon and Ken White of CBRE's El Segundo, CA office, Mike Sandahl with CBRE's Tucson office and Doug Marsh of Oxford Realty Advisors.

The office campus includes three, two-story class A office buildings, measuring 65,476 square feet, 35,037 square feet and 28,604 square feet. The campus itself is situated on 9.43 acres, which includes 463 parking spaces.  A 1.8-acre overflow parking lot across the street from the campus was included in the sale.

GEICO took occupancy in one of the buildings in 2003, leasing 15,000 square feet. The company has expanded since that time and 1,000 employees occupy the entire facility today.

“We are seeing increased investor interest in single tenant deals," Shannon says in a prepared statement. "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.”