Investcorp's Aug. 22 acquisition of the Mosby, a mixed-use property in Fairfax, VA, was made in partnership with a subsidiary of Insignia Financial Group. The property, which was sold by Washington, DC-based the JBG Cos., comprises two class B buildings. One structure is a five-story, 110-unit multifamily facility with units ranging in size from 570 to 940 sf. The 107,000-sf asset is 98% leased. The other is a six-story, 107,706-sf office property with ground-floor retail space. The facility is 95% leased with 91 tenants. Terms of the deal have not been disclosed.

On the sales side, Investcorp disposed of Park Square Shopping Center in a $9.5-million deal. Oakbrook, IL-based Inland Real Estate Corp. acquired the 137,095-sf asset, located in Brooklyn Park, MN. The transaction, which closed Aug. 20, marks Investcorp's third retail sale this year. In May, the company sold its 75% equity interest in Chester Springs Shopping Center in Chester, NJ and Rivertowne Shopping Center in Deerfield Beach, FL to institutional partner Ramco Gershenson Properties Trust for an aggregate $34 million.

Kingsbridge Center, a 100,423-sf class A office building located in Parsippany, NJ was sold by Investcorp on Aug. 26 to an unnamed buyer. Terms were not disclosed. Investcorp acquired the property in joint venture with Crow Holdings and Lincoln Equities Group in February 2000.

Investcorp's US operation focuses on the acquisition of existing office, hotel and multifamily properties with strong medium-term capital gains potential. "We have a track record of producing excellent medium-term returns on our real estate investments," says Investcorp management committee member John Fraser. "We expect to continue this tradition as we examine a range of properties that have both enhanced the value of our portfolio and now offer the potential for strong returns for our investors in 2002."

The New York team oversees a portfolio with a current value of more than $1.8 billion in selected urban and suburban markets.

Instant Insights /

Investcorp Deals Top 450,000 SF

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