The sale was arranged on behalf of the seller by Jeffrey Dunne,vice chairman, Kevin Welsh, SVP, and associate Jeffrey Oram of CBRichard Ellis' New York Institutional Group. The trio of broker wasalso responsible for bringing the buyer to the deal.
"The property's strong in-place NOI with limited rolloverthrough the next five years, along with the attractive long-termupside from its below-market rents, was a fit for the 1031 exchangerequirements of Oestreicher Properties," Dunne says.
"The sale generated a high level of investor demand, as thestabilized investment profile of the property and its location wereappealing to investors," Welsh says. "We were able to draw 1031capital from the New York City-based investor of complete thetransaction."
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