Dealmaker: Institutional Property Advisors Closes $68M in Multifamily, Office Sales
Institutional Property Advisors, Calabasas, Calif., brokered multifamily and office deals totaling $67.8 million.
In downtown Kansas City, Mo., IPA sold Art Deco-Gothic Revival-style apartment building 909 Walnut for $50.3 million. The transaction included an eight-story office building and adjacent parking garage.
“This was a complicated deal involving real estate tax abatement, 152 luxury apartments in a broken condominium project, a parking garage, a publicly traded real estate investment trust as a commercial tenant and tax increment financing,” said IPA Senior Managing Director Daniel Burkons. He noted the building was rehabilitated in 2005 when the first four floors, including a large former bank lobby, were converted to single-tenant Class A office space and the top 30 floors became residences.
Burkons, IPA Senior Directors Michael Barron and Joshua Wintermute and Associate Max Helgeson represented the seller, a Dallas-based private investor. A Worcester Communities affiliate purchased the 34-story asset.
Built in 1931 as Fidelity National Bank’s headquarters–the bank was liquidated in the Great Depression before the building delivered–909 Walnut is in Kansas City’s main business area between the riverfront River Market and the Power & Light District. The Kauffman Center for the Performing Arts, Kansas City Convention Center, Crossroads Art District and Sprint Center are all within walking distance or reachable by streetcar.
In Philadelphia suburb Norristown, Pa., IPA brokered the $17.5 million sale of 1000 Madison Avenue, a 102,900-square-foot, three-story office building in the Valley Forge Corporate Center. IPA Senior Director John Abuja, Senior Associate David Beyel, Senior Director Robert Filley and Marcus & Millichap Senior Associates Lawrence Gariano and Robert Bechtel represented the seller and procured the regional investor buyer.
“This is a stabilized office investment property with zero vacancy, occupied by strong credit tenants with long-term leases,” Abuja said.
Built in 1990, 1000 Madison has 14 corner offices per floor and an atrium lobby.
