Area brokers tell GlobeSt.com the estimated value of the transaction is $4 million, based on an estimated effective rent of $18 per sf. Brokers Tom Moresco and Paul Mendel of locally based Richard Bowers & Co. negotiated for the building owner. Frank Quatro and John Poulos of Equis represented CMU which gained building signage rights as part of the deal.
The five-year-old building is in the Interstate 75 and Interstate 285 corridor. The university's building sign will be visible from I-285, says Mendel. The asking average rent is $18.50 per sf. The school is moving from about 15,000 sf at Emerson Center, 2812 Spring Rd. where its lease is expiring. At its new location, CMU plans to have 10 classrooms, according to Dan Stephens, the university's director of finance.
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