Maguire now owns 100% of the building after acquiring the 70% interest of BankAmerica Realty Services Inc. and the 20% interest of Disney Enterprises. The REIT says it also completed the defeasance of the existing $37 million property mortgage, funding both the defeasance and the $64 million for the acquired interests with available cash.
Glendale Center, which is 100% leased, was purchased by Maguire in 1996 and redeveloped in a joint venture with BankAmerica Realty Services. The REIT also owns an adjacent two-acre parcel that can support development of up to 300,000 sf of office space.
Rick Gilchrist, president and co-CEO of Maguire notes that BankAmerica Realty Services and Disney Enterprises will continue as key tenants at the property. As reported earlier on GlobeSt.com, Scott Flanagin and Tom Miller of Jones Lang LaSalle negotiated the transaction on behalf of BankAmerica Realty Services.
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