NTS Sells Louisville Office Portfolio for $56M
- May 02, 2008
NTS Realty Holdings L.P. has announced the sale of several of its commercial office buildings in Louisville, Ky.The firm sold its membership interests in a subsidiary which owned Atrium Center, Blankenbaker Business Centers I and II, 1901 Campus Place (the former Anthem Office Center), Plainview Center, as well as Plainview Point I, II, and III.The purchaser, Ascent Properties L.L.C., agreed to a price of $56.5 million. Ascent also has the option to purchase NTS Center at a price of $10 million within 90 days of the transaction.NTS will use the proceeds from the sale to pay down debts to National City Bank, Sun Life Assurance Co. of Canada and PNC Bank. The money will also be used to purchase properties such that the deals would constitute a Section 1031 exchange under IRS guidelines.NTS currently owns or co-owns 21 office buildings and multi-family properties in the southeast United States.