The Dallas-based office and industrial REIT's operating partnership, Prentiss Properties Acquisition Partners LP, acquired the buildings for an aggregate consideration of $60.6 million, according to an SEC filing. The consideration included the issuance of 547,262 common partnership units of Prentiss Properties Acquisition Partners, the assumption of an existing $39.5-million on-recourse mortgage, and the assumption of $3.55 million of current obligations. The mortgage bears interest at 7.2%, has a 25-year amortization schedule and a maturity date of Jan. 1, 2012.
Prentiss' Bay Area regional director Dan Cushing, who handled the acquisition, tells GlobeSt.com that the company has been chasing deals in the I-680 corridor, but this is the first one they've caught. "It's an area we want to expand into," he tells GlobeSt.com.
The buildings are located at 1200 and 1220 Concord Ave. Occupancy at the complex is about 99%, according to Cushing. Wells Fargo Bank occupies 300,000 sf. The bank inked a five-year renewal in the first quarter that commenced this month.
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