Juneau Empire Story Archive

State-occupied buildings sold in downtown Juneau

JUNEAU EMPIRE

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

Sound off on the important issues at

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.

ARTICLE LINKS: Printer Friendly Version| Email This Article| Commenting Policy

Reader Comments Disclaimer & Warning:

• These comments do not represent the Juneau Empire's views.
• Please review the full rules governing commentaries and discussions at our user agreement page. You are fully responsible for the content that you post.
• Comments that include profanity, abbreviations of, personal attacks or other inappropriate comments or material will be removed from the site without warning or explanation.

Problems posting:

• Comments containing special characters such as: %,#,and () will not post.
• New registered readers must log off and log back in to post.

To report:

• Click (