CBRE's Investment Properties team of Bruce Strasburg, BillPrutting, Jr. and Marc Rampulla represented Principal Real EstateInvestors in the sale. CBRE's debt & equity finance team reppedthe buyers in financing the acquisition--which despite the currentenvironment still attracted a number of bidders, Joe Donato, one ofthe team members, tells GlobeSt.com. Maury Zanoff and Matt Williamsalso were on the team.
HSH Nordbank AG provided the financing at 65% LTV with a lockedinterest rate at an all-in rate of slightly above 6%, he says. "Themarket appetite was good for the deal--a couple of life insurancecompanies look at it as well as several regional banks and a fewforeign banks."
Investment sales in suburban Maryland were light in Q3, endingthe quarter at $118.2 million, according to GVA Advantis--comparedto Q2's $148.6 million. The average sales price, as of September2008 was $244 per sf, with class A buildings averaging $317 per sfand class B buildings averaging $214 per sf.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
