In-Rel Properties Expands its Portfolio into Lexington, KY
Lexington, KY, January 10, 2013 – 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 JP Morgan 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.
About In-Rel Properties:
In-Rel Properties is a privately held real estate investment firm founded in 1985 with approximately $500 million in assets under management. The company, which is headquartered in Lake Worth, Florida with regional offices in Tampa, Jacksonville, Columbia, Memphis, Nashville, Birmingham and Oklahoma City, owns approximately six million square feet of office and retail properties throughout the United States. For more information, visit www.in-rel.com.
About NAI Isaac:
NAI Isaac Commercial Properties is a Lexington, Kentucky-based firm specializing in the leasing, sale and management of commercial real estate in the Commonwealth of Kentucky. NAI Global is the world’s leading managed network of commercial real estate firms with 5,000 commercial real estate professionals and 350 offices in over 55 countries, and over $45 billion in annual transaction volume. For more information, visit www.naiisaac.com.