The two-story center, built in 1991, is 100% occupied and is anchored by Office Depot and Marshall's stores, says broker Hamid Soroudi of Charles Dunn Co., who represented the buyer, while Dunn's David Ickovics and Stacy Vierheilig-Fraser represented the seller.
The seller acquired the center in 1997 for $11.4 million and added value by repositioning it and attracting new tenants, Soroudi says. Among the improvements was the addition of the 24,762 sf occupied by Office Depot, which was added to the center in 2000.
Soroudi describes the sale price of $196 per sf as "a bit below market," but he explains to GlobeSt.com that the seller chose to close quickly with the buyer rather than take the property to market and possibly obtain higher bids.
Broker Ickovics tells GlobeSt.com, "The seller gave us the opportunity to market the property to a few select buyers, and when we found a qualified buyer, we closed quickly on the deal."Ickovics and Soroudi say the market for properties comparable to the Studio Center Place ranges from about $200 per sf to $225 per sf.
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