Locally based Buschman Partners, as exclusive agent, represented the owner of the building, whose identity was not disclosed. GVA Williams spoke for the tenant. The total value of the 10-year lease "is in excess of $3 million," according to Steve Tolcash, senior partner at Buschman Partners, who not only spoke for the owner in the lease transaction, but had sold the asset to the current owner six years ago.
"This property presented a great opportunity for 'Films' to expand in this market area into a building that fits all of its needs," Tolcash continues. "The market for good quality office, warehouse, flex product throughout our market area remains strong, and there were extremely few other options in the market for Primedia."
The Primedia division's space includes a total of 20,000 sf of office space and about 34,000 sf of production and warehouse space, according to Tolcash. The site also contains more than 200 parking spaces.
Buschman Partners, a corporate real estate services firm, has in the past several years been involved in transactions totaling more than five million sf with a value in excess of $200 million.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
