The county and its insurer have paid out more than $1 million in medical claims from county workers.
The acquisition is Kuhn's 10 Downtown asset since he began his hunt for distressed assets in 1994. All of his properties have been rehabbed and are 100% leased.
The East Pine Building has been on the market for the past three years. Potential buyers shunned the property because of its air quality stigma and the estimated cost of $1 million it would take to renovate the premises and re-market it as a prime Downtown office location.
Kuhn's renovation of the building has already begun.
"This is old hat to us now," Kuhn tells Globest.com. "This what we do best. I buy properties no one else wants. Why? I like the challenge." And the payoff.
Kuhn's debt load is manageable because he never borrows more than 50 percent of a property's value. His total investment in the 10 buildings he owns is $23 million or an average $2.3 million per property.
He also owns a 60,000-sf Downtown lot at Garland Avenue and Washington Street currently used for surface parking.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
