The investment market in August 2010 is a perfect illustration of the pitfalls of just focusing on overall sales volume. The volume of $46.5 million would lead one to believe that the market had a good month. However, a quick peek behind the numbers shows otherwise, as this volume is comprised of just a single transaction. That’s right, there was only a single investment transaction that closed in August. This tells me two things – first, despite much hope, the investment market is still a long way from recovery. And second, capital is becoming increasingly impatient. Investors continue to amass their war chest of equity, waiting for an onrush of bargains that have yet to materialize.
Penton Media Building – this 575,000 square foot CBD office tower transferred for $46.5 million or $82 psf. The building was 93 percent occupied at sale and tenants include its namesake Penton Media. The property also includes a 630-car parking garage. The buyer was Miami-based Optima Ventures and seller was California-based KBS Realty Advisors. This represents Optima’s fourth CBD office acquisition in the past 3 years.
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