Office Q Kentucky

Marcus & Millichap closes $16 million office sale in Lexington

Marcus & Millichap closes $16 million office sale in Lexington,ph01

Marcus and Millichap’s National Office and Industrial Properties Group brokered the $16.75 million sale of a 152,000-square-foot Class-A office investment property in Lexington, Kentucky, for Starwood Capital Group.

Chris Vitori and James McHale of Marcus and Millichap’s Cincinnati and Cleveland offices represented the seller. The buyer was a private family investment office.

The building built in 2009 at 1648 McGrathiana Parkway on the University of Kentucky’s Coldstream Research Campus was more than 90 percent occupied at the time of the sale. National tenants include The American Family Board of Medicine, The University of Kentucky, Federal Bureau of Investigation, The Secret Service, Komatsu Mining and A&W Restaurants.

University of Kentucky’s Coldstream Research Campus is a premier business location in the heart of Kentucky’s Bluegrass Region. Coldstream’s 735-acre campus is home to 50 organizations with more than 2,250 employees working in biotechnology, pharmaceuticals and equine health, and a variety of other industry sectors.

The City of Lexington is strategically located in central Kentucky on the major north-south corridor of Interstate Highway 75 and Interstate Highway 64 that spans from St. Louis to Richmond, Virginia.