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HUNTSVILLE, AL—Transwestern Real Estate Services recentlybrokered the sale of six office properties here, for more than $80million. Transwestern Managing Directors John Bell and KevinMarkwordt facilitated the transaction totaling 1.03 million squarefeet on behalf of the undisclosed seller.

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Transwestern tells GlobeSt.com that the transaction closed atthe early stage of the coronavirus crisis and was about a week awayfrom being at potential risk. Both the buyer and seller workedexpeditiously to close the transaction before that happened,according to Transwestern.

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The seller is an institutional asset manager and the buyer is aprivate capital group.

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One of the largest office park sales in the Southeast, five ofthe six properties are located within Huntsville's CummingsResearch Park. The six institutional-quality properties are:

  • Northrop Grumman Headquarters, a four-story, Class A buildingtotaling 110,275 square feet.
  • Intuitive Center I and II, two Class A, two-story buildingstotaling 133,967 square feet.
  • Research Place, which includes three one-story buildingstotaling 274,657 square feet.
  • Research Office Park Center, consisting of four one-storybuildings totaling 236,453 square feet.
  • Lakeside Office Center, includes two Class A, three-storybuildings totaling 121,839 square feet.
  • Regions Center, the only property not in Huntsville's CummingsResearch Park, but located in downtown Huntsville, is a Class A,11-story tower totaling 154,297 square feet.

The portfolio traded well below replacement cost, according toBell. "We received an impressive amount of national andinternational interest from investors drawn to the opportunitiesthese diverse properties present."

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Currently 97% occupied, the portfolio includes notable tenantsNorthrop Grumman Space & Missions Systems, Regions Bank, ToyotaMotor North America Inc., and BAE Systems.

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Cummings Research Park is the second-largest research park inthe country and the fourth-largest in the world.

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