X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HAMPTON, VA-Asset Capital Corp. Inc. bought the 134,200-sf office building from Santa Fe, NM’s BGK Group for $15.4 million. BGK had owned the property under the name Executive Tower Associates LP since 1995, acquiring it for $4.5 million.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.