Schottenstein owned the property for seven years. The acquisition is likely the first of several in the metro area for UrbanAmerica and its investment partners, Deutsche Bank, J.P. Morgan and Citibank, the company states. Up to $50 million in near-future acquisitions could be on the table soon.
Built in the early 1970s, the building has long been a landmark as the home of Citizen's Trust bank, one of the first African-American-owned banks in the South.
Besides the bank, the building houses Morehouse Medical HMO, which occupies 45,000-sf; Radio One, a multi-billion dollar owner of radio stations around the country; and a number of professional offices, as well as Federal, state and local government offices, CB Richard Ellis Inc. leasing agent Bo Cook tells GlobeSt.com. The rental rate is $17.50 per sf.
Urban America has no immediate plans to renovate the property. The buyer was particularly attracted to the building's 445-space on-site underground parking deck, a rare commodity in center city, Cook says. At 2.75 spaces per 1,000 sf of leased space, the building has one of the highest parking ratios of any structure Downtown.
Besides Cook, the other CB Richard Ellis agents representing Schottenstein were Van Barron and Will Yowell.
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