PARKSIDE PLAZA REPORTEDLY SOLD FOR $267 PSF TO LLC THAT INCLUDES A TIC
Staff Reports
Earlier this year, the two-building Parkside Plaza at Turkey Creek office complex in a suburb of Knoxville, Tenn., was sold in a deal valued at more than $40 million, according to a recent news release from NAI Knoxville.
The brokerage firm represented the seller in the transaction, Knoxville-based Partners Development.
The property consists of Parkside Plaza I, a 100,000 square foot general office building and Parkside Plaza II, a 56,000 square foot medical office building (MOB).
In the news release from NAI, broker Matt Fentress stated that the office buildings on Parkside Drive, in the Knoxville suburb of Farragut, Tenn., were sold to an unnamed national property investment group. Local news reports indicate that a 57 percent buyer of the two-building property was a limited liability corporation that includes Charlotte, N.C.-based American Investment Exchange, which says it provides investment opportunities to tenant-in-common, 1031 exchange and self-directed IRA investors.
According to the local news report, the price paid for the five-story general office building was $25.3 million, meaning the price of the MOB was about $15 million, or about $267 per square foot.
The full content of this article is only available to paid subscribers. If you are an active subscriber, please log in. To subscribe, please click here: SUBSCRIBE
Comments are closed, but trackbacks and pingbacks are open.