WPC Buys Raytheon NNN; Largest Tucson Office Since ‘08

NEW YORK CITY—W. P. Carey Inc. has made Tucson’s biggest office acquisition based on square footage since 2008, the largest of a trio of net lease deals WPC made on behalf of its CPA:17 -– Global managed REIT. The 143,650-square-foot property at 3350 E. Hemisphere Loop in Tucson serves as the corporate headquarters for Raytheon‘s Missile Defense Systems division and traded to WPCX for $18.95 million, or $131 per square foot.

A Colliers International team of SVP Neil Glassmoyer, VP Tivon Moffitt and senior associate Peter Bauman served as brokers for both WPC and seller Summit Properties of Seattle. WPC acquired the 12-year-old class A office building for “well below replacement cost with a high-quality tenant in place,” Glassmoyer says.