"He made it an investment for an income stream," says Gary Tasman of Grubb & Ellis | VIP, a senior commercial real estate adviser who represented the buyer in the transaction.
The price equates to about $50.50 per sf. The 59,399-sf building, built in 1972, approximately 60% occupied at the time of the sale. Located at 12381 S. Cleveland Ave., it is anchored by SunTrust Bank.
The buyer also plans to add a large medical practice on one floor of the building, according to Tasman.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
