Craig Tomlinson of Stan Johnson Company represented both the buyer and the seller, Oak Brook, Ill.-based Inland Western Retail Real Estate Trust Inc. The transaction was an off-market deal, Tomlinson tells GlobeSt.
Tomlinson was familiar with the buyer, having sold a single-tenant office building to him before. The investor had recently sold apartment asset and needed to reinvest the proceeds from the disposition. "I worked their need for several months and went through the classic 1031 routine of identifying properties and culling them out," Tomlinson says. "The Coventry asset was a perfect fit: perfect size, excellent credit and great real estate in the seventh largest MSA in the country."
Tomlinson also was familiar with the Coventry office building, having sold it to Inland Western in 2005. The property, which serves as a claims and customer service center, had a shorter lease than most net lease properties, along with existing conduit debt.
"Financing was not an issue for this buyer, and it came down to quality of asset for the price," Tomlinson says. "Like most office buyers today, the buyer had strong bias toward major markets, having been through re-tenanting drills in the past."
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