FOR IMMEDIATE RELEASE
June 9, 2003
HARBOR GROUP INTERNATIONAL SELLS
OFFICE
BUILDING AND PARKING GARAGE IN KNOXVILLE
Harbor Group International (HGI) of Norfolk,
Virginia has also sold the 91,426 square foot property,
Two Centre Square and the 395-space Hilton Hotel Parking
Garage in Knoxville, Tennessee . The properties,
located in the heart of Knoxville’s Central Business
District, were sold to Centre Square II, LLC and Knoxville
Hilton Garage, LLC, both out of Knoxville, at a purchase
price of $8.3 million.
The properties were purchased in 1999 by HGI as part of a portfolio,
which included the Weston , a 34,638-square-foot suburban Knoxville office
building and the 250,566-square-foot SunTrust Bank Building in Downtown
Nashville at a purchase price of $20,275,000. HGI sold the Weston
earlier this year.
Two Centre Square is currently 90% occupied. Major tenants included
Healthsource, Temecula Valley Bank, and Blackburn & McCune.
“
We are pleased with the performance of both properties. Our
exit of these two investments at this time optimized
our returns,” said Jordan E. Slone, Harbor
Group International Chairman and CEO.
Two Centre Square, which was built in 1988 contains six stories. The
4.5 story Hilton Hotel Parking Garage was built in 1980.
Harbor Group International currently owns nearly $800 million worth of
properties in 15 states in the United States as well as two different
countries.
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