HPC Properties purchased a 99,197-square-foot office building in Huntsville, AL, from a private investor for $15.85 million, or nearly $160 per square foot.

Science Applications International Corp., a San Diego, CA-headquartered military contractor, fully occupies 6723 Odyssey Drive on a triple-net lease. The one-year-old, four-story office structure is on 6.7 acres about 90 minutes from Birmingham and 1.4 miles from Cummings Research Park, the second-largest research park in the country.

“The buyer had completed a 1031 exchange with this acquisition, and we achieved a 154 percent increased return from his original investments, or $360,000 on an annualized net basis,” said Joshua Volen, an associate vice president investments at Marcus & Millichap, who along with Andrew Slade and Edwin Greenhalgh represented HPC.

Mark One Capital helped the borrower obtain $8.9 million in financing.

Volen said, “The biggest hurdle to closing this deal was obtaining financing, but Mark One saved the deal after 13 other banks had quoted nearly 200 basis points higher on the rate.”

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