The SEC filing says that the deal was killed on Jan. 13 and that neither party will incur fees as a result of the action, but gives no explanation as to what hampered the transaction. A Grubb spokesman says that his firm will continue marketing the asset. Franklin's representative was not reachable by GlobeSt.com's deadline.
Last month, Franklin completed two sizable transactions. The firm acquired two flex buildings in Sterling, VA, for $18.5 million, as well as an office building in Maryland Heights, MO, for $19.8 million. In Chicago, Franklin manages 303 East Wacker Dr.
The $130-million sale price was already $6 million less than was last paid for the building, at 525 W. Van Buren St., in 2003. Grubb assumed it after merging with NNN Realty Advisors, the parent company of real estate investment firms including Triple Net Properties, in 2007.
The 16-story building was originally built in 2001 and is 80% occupied, according to Grubb's website. The firm also owns 123 North Wacker Dr. in Chicago.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
