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Property: Northland Plaza
Buyer: Equity Office Properties
Seller: Talcott Realty 1 Limited Partnership
Source: Buyer
Sale Date: July 1, 1998 (closed), April/May 1998
Sale Price: Approximately $47,000,000 (buyer declined to reveal exact price at this time)
Unit Price: $158.27/sq. ft.
Net Rentable Area: 296,965 sq. ft.
Gross Building Area: NA
Zoning: CS-1 (PD)
Utilities: All available
Topography and Soil: Level and assumed sound
Visibility and Access: Very good
Age: 1985
Land Size: 5.9 acres
Remarks: This property sold, in 1995, for slightly more than $22 million. At that time, the seller indicated capitalization rates of 7.0% and 8.62% based on net operating incomes for year 1 and year 2, respectively.
