Monday, January 14, 2013

NAI Isaac Brings a New Owner for Chase Tower for the New Year

In-Rel Properties has acquired Chase Tower at 201 East Main, a 14-story, 240,000 sq. ft. office tower in Lexington’s CBD for $11,950,000.

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. “We are attracted to high IQ quotient markets like Lexington,” said Mukang Cho, Chief Executive Officer & 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,” stated Cho.

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 further noted, “For the past 30 years, we have acquired quality real estate with a value-added investment orientation. 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. “With our hands-on management approach, and through our partnership with NAI Isaac, we believe we will realize the full potential of Chase Tower,” Cho said. Paul Ray Smith, NAI Isaac’s Executive Vice President, stated, “We anticipate great success for Chase Tower. We are confident In-Rel will not only be an ambitious owner of the building, but also an important addition to the Lexington market.”

“We are excited about the prospect for growing our presence in Lexington and becoming a part of the fabric of this great city,” added Cho.

Bruce Isaac with NAI Isaac Commercial Properties was the court appointed Receiver for the property over the past 3+ years. The undisclosed seller was represented by Ralph Smalley of Jones Lang LaSalle, Atlanta and Paul Ray Smith of NAI Isaac Commercial Properties.

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