MACAU, CHINA-Westport Capital Partners and Tenacity Real Estate Group sold 39 Macau to an undisclosed buyer for $125 million. The 25-story property combined office with retail components into 317,000 square feet. The retail area comprises four stories of the facility with a 95-space parking area.
The office tower on Avenida Almeida Ribeiro was purchased by the partnership in 2006 and received a $10-million renovation. A rep explained that the companies saw an opportunistic turnover on the tower, which prompted the deal. Westport and Tenacity would not comment on the undisclosed buyer.
At the time of purchase, the property topped off at 34% occupancy. At the time of sale, the retail portion was 100% filled and the office product held at 87% occupied. Populating the property are China Construction Bank, Regus Business Centers, Philippine Airlines and Opa International Limited.
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