Montvale, NJ-based Empire Equities paid $31.5 million forJefferson on Central, located at 4140 N. Central Ave., and $31million for Jefferson Steele Park, situated at 411 E. Indian SchoolRd. Acquisition financing was obtained from KeyBank Corp. ofCleveland at about 80% loan-to-cost.
Empire picked up both properties at mid-90% occupancies, thoughboth still offered concessions at the time of close. The new ownerhas renamed the complexes to Emperion on Central and EmperionSteele Park. Units average 900 sf.
"They were in escrow once, all three of them, but that did notgo through. From marketing to this closing, I'd say this lasted agood 180 days," Bob Bruno of Hendricks & Partners' in Phoenixoffice tells GlobeSt.com.
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