"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.
After the sale, ACT still owns a large amount of the office market in Florida.
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