The deal was done at this time because "the property was not a good fit for this owner," Bill Tourtellotte, a vice president with the GMH Capital Partners investment sales division in Newtown Square, PA, tells GlobeSt.com. "The buyer is a specialist in repositioning of assets such as this and it is an excellent fit for them."
Tourtellotte says the deal, which was completed in six months, "took a longer than normal time to close due to sudden significant hurricane issues at other Florida properties." There were no environmental or governmental challenges buyer or seller had to overcome before closing the deal, the broker tells GlobeSt.com.
The buyer represented itself in the transaction. Tourtellotte and Shawn Lubic of GMH negotiated for the seller. The average asking gross rent range at Century Plaza is $13.50 to $13.75 per sf.
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