HUNTSVILLE, AL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a 99,197 square-foot single-tenant office building occupied by Science Applications International Corp. (top right photo) in Huntsville.The sales price of $15.85 million represents $159.78 a square foot.
Joshua Volen, an associate vice president investments, and Andrew Slade, an associate in the San Diego office, represented the buyer, HPC Properties. Edwin Greenhalgh, the firm’s broker of record for the state of Alabama, assisted in closing this transaction.
“The biggest hurdle to closing this deal was obtaining financing, but Mark One saved the deal after 13 other banks had quoted nearly 200 basis points higher on the rate,” Volen shares. Chad O’Connor, associate director of Mark One Capital in San Diego, assisted in providing $8.9million in financing to the borrower.
“The buyer had completed a 1031 exchange with this acquisition, and we achieved a 154 percent increased return from his original investments, or $360,000 on an annualized net basis.”
“The buyer had completed a 1031 exchange with this acquisition, and we achieved a 154 percent increased return from his original investments, or $360,000 on an annualized net basis.”
Located at 6725 Odessey Drive, this 99,197 square-foot high-quality office building is triple-net leased by Science Applications International Corp., a publicly traded Fortune 500 company with offices in more than 150 countries worldwide.The property has excellent frontage along Odessey Drive. Constructed in 2007, the 6.7-acre property includes well-maintained landscaping and an attractive building design.
The property is located near Cummings Research Park, (middle left photo) the second-largest research park in the United States, and Interstate 565, as well as other main traffic arteries in the city.
In the submarket surrounding 6725 Odessey Drive, there are a number of large technology, communications and manufacturing companies, including Redstone Arsenal, Space and Rocket Center, Lockheed Martin Information Systems, Quadrum Telecommunications and Bevilacqua Research Corp.
SAIC revenue increased 11 percent from $8.3 billion in FYE 2007 to $8.9 billion.Press Contact: Stacey Corso,Communications Department, (925) 953-1716
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