"It is a perfect addition to the MAPIT portfolio, due to its strong credit tenants, stable near-term income and future growth potential," says Jeff Miller, a Boston-based director of MAPIT's US REIT.
Located in the I-287 corridor, buildings B and C are part of a four-building, 24-acre complex. The two buildings are 100% leased to American Standard, which uses the location as its world HQ, and Great West Life and Annuity Insurance. Part of Great West's space is subleased to Johnson & Johnson.
"The full occupancy by tenants with impressive credit ratings provides financial stability to this investment," says Jose Cruz of Cushman & Wakefield's Metropolitan Area Capital Markets Group, who orchestrated the deal with C&W colleagues Andrew Merin, David Bernhaut and Gary Gabriel. "One Centennial Plaza has always maintained a strong submarket identity due to its highway visibility and access."
The two buildings were part of Loeb's portfolio for less than two years. As reported by GlobeSt.com, the Loeb affiliate bought the assets in April 2005 from a partnership of Investcorp and Lincoln Equities in a deal also orchestrated by C&W. At the time, the sale price was not disclosed, but industry sources placed the number in the $30 to $35 million range and the final sale price subsequently emerged at $34.25 million.
For its part, the partnership of Investcorp and Lincoln Equities had itself acquired the two buildings in early 2002 for a reported $26 million.
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