The buyer bought the nine-year-old building directly from the seller only days before the property, which was in receivership, would have gone into foreclosure, broker Bruce Frasco, of Charles Dunn Co., tells GlobeSt.com.The price of nearly $116 per sf for the eight-story, steel frame tower is well below market, which is about $150 per sf for comparable buildings, Frasco says, so the buyer wound up with a property with considerable upside potential.
"The investor bought the building at roughly 45% occupancy, but we've already leased another 12,000 square feet since the sale closed, and we have proposals working on the rest of it," says Frasco, who represented the seller.
Frasco called the deal "a complicated transaction, involving a building that was in receivership with foreclosure pending." He says, "We closed on a Friday, and it was going to the (foreclosure) sale the following Tuesday."
The property originally was put on the market at about $13M, notes, but the former owner, who once occupied 70,000 sf of it, had vacated most of the space by the time of the sale.
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