Half of Branson Financial Center sells for $4M

Fusek bought 23,542 square feet of suite space in the 46,462-square-foot building for $4.1 million from Branson developer David Cushman. Cushman, CEO and managing member of Cushman Properties LLC, built the four-story office building in 2004. Fusek made the purchase under Branson Financial Building LLC, giving him 51 percent ownership of the financial center, which is within walking distance of Branson Landing, Branson Convention Center and Hilton Hotel.

Fusek became interested in the financial center when it was listed three months ago with Tim Roth, a senior adviser with Sperry Van Ness/Rankin Co. in Springfield. Fusek is also an investment commercial adviser with Sperry Van Ness/Rankin Co.

The initial list price was $4.35 million, or $184 per square foot. Fusek’s deal equates to about $174 per foot.

Major tenants in the purchase are Commerce Bank, AAA Insurance, First Premier Mortgage, Morrisey Law Firm and Southland Metals. Fusek owns seven office suites on levels one through three and the entire fourth floor, which is divided into two unfinished penthouse spaces with a combined 6,100 square feet. Three of Fusek’s suites are vacant with a lease rate of $16 per square foot. Annual lease income ranges from $10,000 to more than $50,000 per tenant, according to the financial analysis prepared by Sperry Van Ness.

“I prefer a national name tenant since it’s a financial center,” Fusek said, hoping for an accounting firm or financial services company to fill the gaps.

Cushman still owns about 7,200 square feet in the Branson Financial Center, including his company’s office on the second floor and 2,900 square feet leased to Realty Executives on the ground level. He said he hasn’t made a decision yet on whether to sell the remainder of his interest.

A mix of investors and tenants own the rest of the office space, which is not unusual, according to Branson commercial broker Bob Huels.

“It’s a condo building,” Huels said. “That does happen.”

Huels is a partner of Commercial One Brokers LLC – a tenant in the Branson Financial Center since its opening.

“We (had) the original concept. We sold the idea to Cushman who built (the building) based on our ideas,” he said.

Commercial One Brokers also has been the property’s listing agent on multiple occasions for Cushman during the last three years. Huels said that although his company did not participate in Cushman’s property sale, it has a good relationship with Fusek and Sperry Van Ness. Commercial One Brokers remains the listing agent for two suites owned by an investor that currently are up for sale or lease in the financial center.[[In-content Ad]]