The newest owner, Quorum Business Center, paid $4.48 million or $80.16 per sf. Deerfield Flexxspace Ltd., whose partners include AP-Adler Investment Fund headed by Joel Levy, sold the asset. Alexander Hamilton Life Insurance Co. cemented the deal by allowing the buyer to assume a 1999 mortgage of $3.97 million.
The structure was built in 1983 by Atlanta-based developer Crow-Childress-Taylor Ltd. After it was taken over by M&K Wilkow Florida, the property was foreclosed in 1993. The original lender, Mutual Life Insurance Co. of New York, then sold the building for $2.76 million in 1996. The current seller, Deerfield Flexxspace, bought the real estate in July 1999 for $4.41 million.
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