For Bethesda, MD-based Asset Capital, the transaction marks a first. "The Executive Tower is the company's initial acquisition in the Hampton Roads market," says chairman and CEO Peter C. Minshall, adding that the company anticipates building its portfolio with additional area purchases.
Executive Tower is located just blocks from Interstate 64 at the intersection of Executive Boulevard and Tower Road and, at eight stories, carries the distinction of being the tallest office property in Hampton's central business district, known as the Coliseum Central area. The structure was developed in 1974 and renovated in 1991. At the time of the transaction, the property--which, along with the 4.5-acre parcel it occupies, carries a current assessed value of $10.8 million--was 90% occupied. Before the sale, real estate services firm Thalhimer had marketed space at Executive Tower for $16.50 per sf, according to the firm's April 2005 Market Inventory report.
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