The seller was represented by Tom Robinson, of Northstar Realty,and Chris Lee, of CB Richard Ellis, Inc. UrbanAmerica had acquiredthe two-story building in December 2000 for $35.6 million when theproperty was 88% occupied. The company embarked on a capitalprogram to enhance the property through physical improvements andaggressive leasing.
At the time of the most current sale, tenant roster included theDepartment of Education, the Department of Children and Families,Sprint and Pro Financial, among others, UrbanAmerica president andCEO Richmond McCoy tells GlobeSt.com.
"We're liquidating our assets in our first fund," McCoy says, ofthe decision to sell the property. "We had stabilized the asset andgiven what the capital markets have been, we felt it was a goodtime to sell."
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