11/27/2007

NAI directs sale of Pensacola office portfolio

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1301 North Palafox St.

Boston-based STAG Capital Partners has purchased a two-building office portfolio in Pensacola, Fla., for an undisclosed price from Cordova Community Facilities Corporation.

Bill Bubniak and Paul DeBono of NAI Farbman represented the seller.

The two buildings are located at 3100 West Fairfield Drive and 1301 North Palafox St. The Fairfield property contains 8,885 square feet and is fully leased to the Florida Department of Corrections, the third largest prison system in the country. The Palafox property consists of 45,955 square feet and is fully leased by the Florida Department of Law Enforcement.

Earlier this month, STAG acquired a 60,000 square foot office property in Lewiston, Maine.

Bubniak, a senior VP with NAI Farbman, joined the company in 1988. He specializes in institutional investment sales. Prior to joining NAI, he was an attorney with the law firm of Clark & Hill. Bubniak is a graduate of the University of Michigan and Wayne State University.

DeBono is an assistant VP with NAI's Investment Sales Division. He specializes in market research and property analysis and is a former employee of Daimler Chrysler Financial Services. He is also a graduate of the University of Michigan.

Address: 3100 West Fairfield Drive and 1301 North Palafox St., Pensacola, Fla.

Size: 54,840 square feet

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Filed Under: Office

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