It allotted $79.9 million to the acquisition of Met Park North,an 11-story building it quietly retraded two weeks ago for $88.5million. It is the smallest building in the portfolio at 185,760sf, but it has the best occupancy rate and the most parking.
The tiered six-year-old building is fully leased on a long-termbasis to Nordstrom Inc. and 24-Hour Fitness and comes with asuburban-like parking ratio of 3:1,000 sf. The new owner isbelieved to be a client of LaSalle Investment Management. WaltonStreet officials declined comment.
The sale of the building, to which little value could be added,returns some of the equity Walton Street invested in the portfolioand buys down its basis in the other buildings to a more attractivelevel, local industry sources tell GlobeSt.com.
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