CB Richard Ellis senior associate Dominic Montazemi tellsGlobeSt.com that the property consists of retail space on theground floor and office space above it. About 50% of the buildingis office space and 50% is retail space. The property was about 50%occupied at the time of the sale.
"The property was being sold because the sellers are alsotenants in the property and wanted to free up capital," he says.Montazemi and CBRE senior vice president Scott O'Donnellrepresented the seller.
The buyer was attracted to the property due to its ClematisStreet location, where numerous restaurants, shops and businessesare located. "Clematis Street has been undergoing a rebirthrecently," he says. "There is long-term capital appreciation on thestreet."
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