The larger building, a 14,200-sf building at 1799 Union St., is100% leased to a mix of retail and office tenants including BaysideBar & Grill, Tango, Robert Berry, and Yogurt Bar. GrosvenorInternational sold the building to Catalyst Ventures. Localindustry sources tell the sale price was close to theasking price, which was $7 million.


The other transaction was 1723 Union St., an 11,200-sf buildingthat has been vacant for three years. Crunch Fitness acquired thebuilding in May for $4.3 million and sold it this past month toHollywood Horizon Properties for $7.2 million after committing to a15-year leaseback. The building was last occupied by ladies apparelretailer Georgiou. Crunch Fitness plans to renovate the space andopen a fitness center there by next summer.


Colliers broker Tim Maas, who had the disposition assignment forboth buildings, tells that both sold at sub-6% caprates to buyers looking to complete IRS 1031 exchanges. Maas wasjoined by fellow Colliers broker Tony Crossley in the 1799 UnionSt. transaction. In the other, he was assisted by fellow Colliersbroker Doug Baird.

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