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UNUM Sells 262,000-SF Northview Business Center

AUSTIN-The life insurance company disposes of the 70%-occupied property to TriGate Capital following the marketing period that yielded 65 requests and 11 bonafide offers.

By Amy Wolff Sorter | Updated on July 09, 2013

AUSTIN-A little more than four years after taking receivership of the 262,067-square-foot Northview Business Center, UNUM Life Insurance Company of America sold the class B, multi-tenant office building to TriGate Capital. A lack of value-add investment opportunities in the Austin MSA attracted a great deal of interest: During the marketing period, seller representative Transwestern fielded 65 requests for information and accepted 11 offers.

The sales price was confidential, with the Travis Central Appraisal District assessing it at $16.8 million. The building at 9001 Interstate 35 was once in receivership by Equastone before UNUM stepped in to take ownership from the flailing commercial real estate company. The one-story office building is currently 70% occupied, but there are few properties that can accommodate a tenant larger than 40,000 square feet.

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