State-occupied buildings sold in downtown Juneau

Posted: Sunday, January 06, 2008

Three buildings in downtown Juneau under long-term leases with the state sold recently to a private California investment group.

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The commercial office space occupied by the departments of Administration, Natural Resources and Environmental Conservation on Willougby Avenue, totaling nearly 100,000 square feet, had been listed in October for $13.1 million.

The involved parties did not release the purchase price.

The property had been owned by the city of Kasaan, a village of about 50 people on Prince of Wales Island, 30 miles west of Ketchikan.

The buyer, the STG Group of Santa Rosa, Calif., owns nearly a half-million square feet of commercial and industrial property in Anchorage.

"This sale speaks to the stability of state of Alaska leases in Juneau," said Carlton Smith, owner of the Juneau-based Carlton Smith Co., which co-brokered the sale.

The fact that the state is one of STG's tenants in the Anchorage properties was a factor in the selection process, according to a Jones Lang LaSalle representative. The international real estate firm also helped broker the deal.

The properties were advertised in a nationwide marketing campaign directed toward institutional buyers who owned government-occupied assets.

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