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Property: Metro Office Park, an eight-building suburban office park
Buyer: Metropolitan Airports Commission
Seller: Teachers Insurance and Annuity Association
Source: Buyer and Seller
Sale Date: October 25, 1997
Sale Price: $33,100,000
Unit Price: $60.68/sq. ft.
Net Rentable Area: NA
Gross Building Area: 611, 974
Zoning: CO-1 (PD) Commercial Office Planned District
Utilities: All Available
Topography and Soil: Level and assumed sound
Visibility and Access: Very good
Age: 1968-1979
Land Size: 981,247 sq.ft. or 22.53 acres
Remarks: This Class B office complex was bought by the Metropolitan Airports Commission for future airport use. The complex required approximately $8 million of capital improvements after the purchase. The property sold at a capitalization rate of 10.3% of existing net operating income. The sale did not reflect any personal property items. The occupancy rate at the time of the sale was 98%.
