WASHINGTON, DC—More details have emerged about American Real Estate Partners' $176 million acquisition of Canal Center in Old Town Alexandria last month.
Cassidy Turley's John Campanella and Paul Spellman have arranged a $122 million bank loan for the deal on behalf of American Real Estate.
American Real Estate Partners acquired the four-building property with Investcorp through its through its Strategic Office Fund.
This was a value-add play for the company, which believes that the massive repositioning underway on the north side of Old Town will mean further opportunities for retail.
The north side of Old Town will eventually become a version of the Washington Harbor, attracting more restaurants and other retailers to the waterfront, CEO Brian Katz told GlobeSt.com when the deal was announced last month. "We intend to put together a merchandising plan to activate that."
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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.
