Harbor Sells Two Knoxville Properties for $8.3M

"The timing was right, it was just the right buyer at the right place andthe right time," said Sid Bridge, marketing director for Harbor Group.

The six-story Two Centre Square, which was built in 1988, is located at 625Gay St. Two Centre's sister building, the 93-711-sf One Centre Square, isnext door. The 4.5 story Hilton Hotel Parking Garage was built in 1980, and providedparking for the office buildings.

The properties were purchased in 1999 by Harbor Group as part of aportfolio, which included the Weston, a 34,630-sf suburban Knoxville officebuilding and the 250,560-sf SunTrust Bank Building in Downtown Nashville ata purchase price of about $20.27 million. Harbor Group sold the Weston earlier thisyear.

"The portfolio did very well. We hit our strategy dead on," Bridge said. Hesaid he did not know the value of Centre Square or the garage when they werepurchased."They were bought as a portfolio, the price wasn't broken down," hesaid.

Two Centre Square is currently 90% occupied. Major tenants includedHealthsource, Temecula Valley Bank, and Blackburn & McCune.Harbor Group currently owns nearly $800 million worth of properties in 15states in the United States as well as two different countries.

Bridge said his company is trying to step up getting rid of properties, eventhough Harbor Group has been buying a lot of property in the last few years.This new sale is a push of the company to move its efforts across thecountry, he explained.

"We're trying to geographically expand," Bridge told GlobeSt.com. "We have alot of property on the East Coast, but we want to slowly push west.Conditions have been good for private investors, and hopefully you‚ll hearmore about moves from us in the coming year.