The buildings attracted interest from several potential investors, according to Bill Tourtellotte, vice president of investment services with GMH Capital Partners in Newton Square, PA. He and colleague Shawn Lubic represented the seller, ITW Mortgage Investments III and IV. "The buildings had been responsibly maintained," Tourtellotte tells GlobeSt.com, "and the buyer believed there was some value enhancement capability."
Beacon Ridge Tower, built in 1983 at 600 Beacon Parkway West, is 82% occupied. Tourtellotte says occupancy had dropped to 30% at one point, but a strong-lease up boosted tenancy, with a Cingular Wireless regional office as the lead tenant. The two Concourse buildings on Concourse Drive, both of which are 20 years old, are 88% leased. Colonial Properties Trust of Birmingham, has retained leasing and management for the trio.
Tourtellotte says the buyer will put some capital into the assets. "They'll want to do some things to kick it up another notch in terms of profile," he adds. "There are some fundamental things they're thinking about doing, some from an appearance standpoint and some from a functional one."
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