November 24, 2014
A joint venture between PointOne Holdings and ESJ Partners has bought a 377,921-square-foot office portfolio in one of Birmingham’s most desired submarkets, for $51 million, or $125 per square foot.
The three buildings, 1800 and 1900 International Park, and Blue Lake Center have a total occupancy of 90 percent with access to Interstate 459, connecting Birmingham’s business district with affluent suburban areas. The office buildings are also less than a mile away from the $300-million Trinity Medical Center, The Summit Mall and Shoppes of Colonnade, according to a news release.
What appealed most to Hollywood, Fla.-based PointOne Holdings about the properties was ” the opportunity to acquire extremely high-quality assets at favorable pricing, in a dynamic marketplace, with a strong yet diversified rent roll,” David Garfinkle, PointOne’s managing member told Commercial Property Executive. “We are satisfied with the purchase price and see significant opportunity for additional growth via future new leases, leasing expansions and lease-term extensions,” he added in the news release.
Some of the buildings’ main tenants include: Tyco, Prudential, Hoffman Media, Command Alkon, BE&K, Martin Marietta Materials, Principal Financial, RxBenefits, EBSCO, BASS, McKesson Corp., Home Mortgage of America and IBM.
CBRE’s Birmingham office will manage the proprties. PointOne Holdings received a non-recourse, CMBS loan at a fixed rate with a 10-year term from Starwood Mortgage Capital to finalize the purchase. The company was advised by Charles Foschini and Jason Hochman of CBRE Capital Markets.
With offices in Atlanta and South Florida, PointOne Holdings is a private real estate investment company focused primarily on the acquisition, renovation and management of value-add, income producing and distressed residential and commercial real estate in the Southeastern U.S. The company presently owns and manages a diversified portfolio of residential, commercial and hospitality assets with a value of more than $150 million.