Lend Lease declined to verify the exact price paid, but a company spokesperson did confirm that local speculation of $28 per sf ($26.9 million) was "in the ballpark." If true, it would represent a significant loss for TrizecHahn, which reportedly paid $47 per sf for the property last fall with plans to convert it for use a "telecommunications hotel."
GlobeSt.com was not immediately able to reach TrizecHahn for comment. One Kent Valley industrial specialist tells GlobeSt.com the condition of the aging Valley Industrial Park is one factor that contributed to its low price. In the current market, sales prices on similarly-typed buildings in better condition are running in the high $40's.
Lend Lease officials say upgrades are in the park's future, but nothing definite it on the table. "The idea is to look at eventually making those upgrades, but I don't know of any (immediate) plans at this stage," a company spokesperson tells GlobeSt.com. CB Richard Ellis is now on board as the park's leasing agent.
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