Gramercy Capital Corp. of New York City was set to inherit thebuilding at 201 Robert Kerr St. when it acquires Jenkintown,PA-based American Financial Realty Trust in March. The class B-plusasset was already tagged as non-core by Gramercy, according to anSEC filling.
The buyer of record is BOKP Investors LLC, which is led byWilliam Mee of Oklahoma City. Craig Tucker, senior vice presidentof local firm, Price Edwards & Co., brokered the sale. Hedidn't return a telephone call by press time seeking comment on thetransaction.
American Financial paid $20.5 million in May 2005 for the asset.Although the seller ended up taking a loss on the transaction, MarkBeffort, principal with Grubb & Ellis/Levy Beffort in OklahomaCity, says it doesn't reflect on the value of the 98%-occupiedasset.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
