Finance REITs
REIT Closes on 4 West Coast Office Buildings Totaling 275,000SF
May 5, 2008
By: Barbra Murray, Contributing Editor

Two weeks after announcing its plan to acquire seven office buildings in Southern California and Arizona, Pacific Office Properties Trust has closed on the purchase of four properties in San Diego and Phoenix. The REIT bought the assets, which total 275,000 square feet, from The Shidler Group.

The San Diego Portfolio, located in the submarkets of Carlsbad and Torrey Hills, consists of an aggregate 54,000 square feet in three structures of Class A and Class B+ status. Pacific Office has a 32 percent ownership interest in the properties, leaving its institutional co-investment partner with the remaining stake. Pacific Office also snapped up Black Canyon Corporate Center, a 220,200-square-foot property in Phoenix's Deer Valley submarket. The company's interest in the property is 17.5 percent, and the institutional co-investor owns the remaining interest.

As part of terms defined by recent formation transactions with Shidler, Pacific Office has the option to buy 18 office structures from Shidler. Pacific Office expects to close on the acquisition of the remaining three buildings in the previously announced seven-property purchase in June.






 
Recent REITs Headlines
Parkway Pockets $25M in Sale of St. Petersburg Office
Aug. 20, 2008
Parkway Properties Inc. has concluded the $26 million disposition of Wachovia Plaza, a 186,000-square-foot office asset in St. Petersburg, Fla., that the company has owned since 1998.
Ramco-Gershenson Adds Shopping Center to Florida JV
Aug. 19, 2008
Ramco-Gershenson Properties Trust has sold the 330,000-square-foot Plaza at Delray shopping center in Delray Beach, Fla., to its $450 million joint venture with the state of Florida, which is advised by Heitman L.L.C.
Liberty Takes Class A Florida Office
Aug. 18, 2008
Liberty Property Trust is expanding its portfolio in the Sawgrass International Corporate Park in Sunrise, Fla., with the acquisition of a 107,000-square-foot Class A office building. The REIT bought the building at 13621 NW 12th St. from Real Estate Capital Partners, but did not release the purchase price. The building is fully leased by UnitedHealthcare.
286,000-SF Sale-Leaseback Deal Incorporates Houston Food Distributor's Expansion
Aug. 15, 2008
Two years after developing its 286,000-square-foot Houston headquarters and distribution center, Glazier Foods Co. Inc. has sold the Class A property in a triple-net sale-leaseback transaction with GSL Welcome Group L.L.C.
Boston Properties' $440M Office Purchase Wraps Up Macklowe Deal
Aug. 14, 2008
Just a day after announcing the closing of two New York City office building acquisitions from Macklowe Properties totaling $705 million, Boston Properties has completed its purchase of yet another Macklowe trophy office building, 125 West 55th St. The acquisition of 125 West 55th St. was part of a $3.95 billion, four-property portfolio purchase agreement Boston Properties and partners made with debt-ridden Macklowe earlier this year.
 

 

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