Kunz is selling the units, which range in size from 1,850 sf to 4,000 sf for $75 per sf to $99 per sf. That makes the portfolio worth between $17.75 million and $23.46 million. The cost depends on the finish of the unit, and features, such as sprinkler systems.
Kunz owns about portfolio of about 900,000 sf which also includes small offices and warehouses that are too large for conversion.
Kunz expects to sell many of his units to current tenants, many of whom have leased space for him for 10 years. Falling mortgage interest rates, rising real estate prices and a volatile stock market provide a confluence of reasons why condominium ownership makes more sense than renting, he says.
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