The Illinois group paid Principal Capital Real Estate Investors of Des Moines, IA $51.11 per sf for the 11-building asset, considerably under today's replacement cost of a comparable property, area brokers tells GlobeSt.com.
"If I had to give you a ballpark figure, I would say you couldn't build the same property today for less than $75 per sf," an area construction industry estimator tells GlobeSt.com on condition of anonymity.
The 32-tenant park "has always appealed to time-sensitive tenants that require convenient access to I-285," Trammell Crow Co. broker Chris Riley says in a prepared statement. Brokers Hal Breedlove and Brad Rogers worked with Riley in negotiating for Principal.
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