In-Rel Properties purchases 14-story building
LEXINGTON, Ky. (Jan. 11, 2013) — In-Rel Properties has acquired Chase Tower at 201 East Main, a 14-story, 240,000-s.f. office tower in Lexington’s central business district for $11.95 million.
The purchase of Chase Tower is In-Rel’s first foray into Lexington. The building’s potential, coupled with the Lexington market, attracted In-Rel, the new owners said in a press release.
“We are attracted to high IQ quotient markets like Lexington,” said Mukang Cho, chief executive officer and principal of In-Rel Properties. “We believe these demographics support a favorable long-term environment for job growth and investments in the office sector. And of course, the University of Kentucky has been a stable economic anchor for numerous years.”
[pullquote_left]The seller is listed on the county property valuation administrator’s website as being Main Street EH LLC, which is affiliated with TIC Executive Holdings of Greenville, S.C., according to the Kentucky Secretary of State’s online business registry.[/pullquote_left]
Built in 1973, Chase Tower had always boasted high occupancy rates and quality tenants, but took a hit with the re-alignment of JPMorgan Chase Bank’s regional headquarters in 2005. Still a property of stature in Lexington’s downtown, Chase Tower’s value remains strong, Cho said.
“For the past 30 years, we have acquired quality real estate with a value-added investment orientation,” he said. “At the heart of our investment approach is the thesis that the target asset is a quality property and that its performance can be further enhanced and sustained.”
The property’s leasing and property management services will be handled locally by NAI Isaac Commercial Properties.
“We anticipate great success for Chase Tower,” said Paul Ray Smith, NAI Isaac’s executive vice president. “We are confident In-Rel will not only be an ambitious owner of the building, but also an important addition to the Lexington market.”
Bruce Isaac with NAI Isaac Commercial Properties was the court appointed Receiver for the property over the past three years. The undisclosed seller was represented by Smith and Ralph Smalley of Jones Lang LaSalle, Atlanta.
The seller is listed on the county property valuation administrator’s website as being Main Street EH LLC, which is affiliated with TIC Executive Holdings of Greenville, S.C., according to the Kentucky Secretary of State’s online business registry.