CBRE's Investment Properties team of Bruce Strasburg, Bill Prutting, Jr. and Marc Rampulla represented Principal Real Estate Investors in the sale. CBRE's debt & equity finance team repped the buyers in financing the acquisition--which despite the current environment still attracted a number of bidders, Joe Donato, one of the team members, tells GlobeSt.com. Maury Zanoff and Matt Williams also were on the team.
HSH Nordbank AG provided the financing at 65% LTV with a locked interest rate at an all-in rate of slightly above 6%, he says. "The market appetite was good for the deal--a couple of life insurance companies look at it as well as several regional banks and a few foreign banks."
Investment sales in suburban Maryland were light in Q3, ending the quarter at $118.2 million, according to GVA Advantis--compared to Q2's $148.6 million. The average sales price, as of September 2008 was $244 per sf, with class A buildings averaging $317 per sf and class B buildings averaging $214 per sf.
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