MEMPHIS, TN-Kaufman Realty Group of Atlanta has sold the 275,000-sf White Station Tower in East Memphis to BGK Group of Santa Fe, NM for about $20 million.
The 24-story multi-tenant office building and its distinctive domed roof last traded hands in 1998, when Kauffman acquired it for $18.4 million. It was built in 1968. The top floor, once home of a revolving restaurant, is now an executive suites operation.
The building's anchor tenant is I-bank, a Memphis-area financial institution that keeps its headquarters in the building. Occupancy at time of sale was not immediately available.
The sale price translates to $73 per sf, which is about $10 per sf more than its similarly aged neighbor Clark Tower recently commanded, according to the brokerage firm in the transaction, Manhattan-based Newmark Capital Group. Both buildings were built within a few years of each other by the same developer, Clark & Clark.
Newmark managing principal James Cate represented Kaufman along with associate director David Caldwell. “Throughout the marketing process, investor interest was extremely strong and bidders were very aggressive,” says Cate. “Among those pursuing the property were national and local groups that were attracted to both the property's economic performance and its history of retaining tenants, a number of whom have been in the building over 20 years.”
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