The sale price represents "the largest commercial real estate transaction of investment property" in the Brevard County city, Ronald J. Rogg, vice president, Investment Advisory Group, CB Richard Ellis Inc., Orlando, tells GlobeSt.com. Rogg brokered the transaction which closed Dec. 31.
The building's occupancy at closing wasn't disclosed. Average asking full-service rent is $21 per sf. The property is adjacent to the Hilton Hotel and Melbourne International Airport.
Chip Turknet of Evans Butler Realty, Melbourne, assisted with the sale and will continue to lease the building. David Borge, senior finance office, L.J. Meldoy & Co., Orlando, arranged financing for the buyer but didn't disclose the lender's name or terms of the loan.
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