The new year isn’t even two weeks old, but already the Midwest has seen its share of important real estate transactions. You can add the acquisition of Chase Tower in the Central Business District of Lexington, Ken., to the list.
With the help of NAI Isaac Commercial Properties and Jones Lang LaSalle, In-Rel Properties recently purchased the tower, which stands 14 stories and includes 240,000 square feet. The purchase price was $11.9 million.
The purchase represents In-Rel’s first move into Lexington. A top office with In-Rel said that the talented workforce in Lexington, the presence of the University of Kentucky and the general economic health of the region attracted the company.
“We are attracted to high-IQ quotient markets like Lexington, said Mukang Cho, chief executive officer and principal of In-Rel Properties, in a written statement. “We believe these demographics support a favorable long-term environment for job growth and investments in the office sector.”
Chase Tower was built in 1973. It had long enjoyed high occupancy rates. The tower, though, did suffer slightly when JP MOrgan Chase Bank moved its regional headquarters in 2005.
Today, though, the property remains a destination site for Lexington office users.
NAI Isaac Commercial Properties will handle the property’s leasing and property management services.
“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 of NAI Isaac was the court-appointed receiver for the property during the last three-plus years. Ralph Smalley of Jones Lang LaSalle and Smith of NAI Isaac represented the undisclosed seller of the property.
