The seller, locally based Adler Group, commissioned the local office of Holliday Fenoglio Fowler to market the property. Manuel de Zarraga, managing director, Daniel Finkle, director and Sabrina Solomiany, analyst, found the buyer and negotiated the transaction.
"There was intense bidding," de Zarraga tells GlobeSt.com. The complex was built in the 1980s and is 98% leased, he says. Tenants include National School of Technology, Metro Bank and Cora Rehabilitation Centers. There is also a Metro Bank drive-thru unit on the ground floor. In addition, the center contains land for future development of an office building. The current rental rates, he says, are approximately $22 per sf.
The Kendall submarket's high barriers to entry stimulated competition for the sale, according to Finkle, who says, "demand for quality office space has resulted in continually rising rental rates. This center has historically had a high occupancy and tenant retention ratio, and there is substantial value-added potential through projected rental rate increases and future development opportunities."
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