The properties are located in Washington, DC; Philadelphia;Boston;Sacramento; San Diego; Houston; Denver; Kansas City, KS;Providence,RI; Burlington, NJ; Norfolk, VA; Suffolk, VA andHuntsville, AL. According to a release, the acquisition fits inwith UA's business plan calling for real estate investments withstrong credit institutional tenants in major metropolitanmarkets.


UA was able to assume long-term debt in this deal, increasingthe attractiveness of the 98.2%-leased portfolio, the releasestates. It was completed through UA's Fund II, which was launchedwith $300 million in 2005 in a partnership with Fisher UrbanAssociates. Tom Robinson of North Star Realty in Atlantarepresented UA in the acquisition.


In a statement, Richmond McCoy, founding partner and CEO of UA,says the purchase represents "an excellent buy for our investorswho are seeking core-plus assets consistent with our investmentstrategy for Fund II. Last year we refined our targeted deals tofocus exclusively on strong credit and assumable debt. In addition,UrbanAmerica has had very good performance with our governmentleased asset investments. We have a strong asset management teamwith extensive government experience on both sides of the table astenants and owners. CB Richard Ellis will continue to provide theproperty management and leasing services to UrbanAmerica, ensuringa smooth transition and continuity for our diversified governmenttenant roster."

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.