Peter Bancroft, ABR's SVP and acquisition officer, tellsGlobeSt.com that this transaction was different than the company'scurrent policy of direct investment in real estate. "I wouldexpect, in this (credit) environment, that you're going to see moreof these kinds of opportunities. A note is not our common vehicle,but the obviously the world has changed a bit."

The note, purchased at a discount to par value, matures in June2014 and carries a 6.6% pay rate, Bancroft says. He says theproperty is doing well and has good tenants, but that no capitalimprovements are planned. "As holders of the note, we're notdirectly responsible for the operations. We just feel it's a stableasset, and it's a viable competitor with the office buildings onthe other side of the river in Cincinnati, since we have commuting,lower lease costs and tax advantages on this side," Bancroftsays.

The complex is anchored by three tenants: Omnicare, Ashland andCorporex itself. The property is part of the larger riverfrontdevelopment that includes two hotels, another office building and a22-story condo tower.