Aslan had already purchased the adjacent 149,000-sf Columbia Center II building in 2005 for $14.8 million, assisted by Transwestern Investment Co. LLC, which represented Aslan on the latest purchase as well. Dan Deuter, vice president of acquisitions for Transwestern, says he could not comment on the purchase price of Columbia Center III. "When we bought Center II in September, there was always an interest in growing the investment," Deuter says.
Deuter tells GlobeSt.com that Columbia Center III is now 77% occupied. This is somewhat less than the 99% occupancy the building had when TIAA purchased the building for $38.5 million in 1997. There is a Columbia Center I building, owned by a joint venture between USAA and Prudential.
The Transwestern vice president says by combining the properties, Alsan will enjoy efficiencies in management and leasing. Deuter would not divulge the average lease rate of the building. According to US Equities Realty, the average lease rates for class B property is $7 to $10 per sf, net.
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