CB Richard Ellis brokers Will Yowell and Justin Parsonnet negotiated for the church.
The 85%-leased, class B property was purchased by an investment partnership comprised of locally based Ackerman & Co., Coro Realty Advisors and Milwaukee-based Northwestern Mutual Life Insurance Co. for $23.5 million, or $80.20 per sf. The seller, Property Reserve Inc., a Salt Lake City-based affiliate of the Church of Jesus Christ of Latter-day Saints, had owned the 60-tenant, 20-acre asset since 1979.
In 1988, the Mormon Church paid $8 million or $27.59 per sf for the second-phase, four-building portion of the campus, according to locally based Databank.
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