WASHINGTON, DC-A deal announced by Carr Properties at the end of last year is nearing completion and is expected to close in the third quarter of this year.
Israeli real estate investment company Alony Hetz is buying a stake in Carr Properties, negotiating the transaction with the Special Situation Property Fund of JP Morgan Chase Bank. Carr Properties is a private REIT owned by JP Morgan Asset Management.
Alony Hetz will hold an approximately 50% interest in Carr, for $300 million.
Carr Properties owns 20 office buildings valued at $1.1 billion, largely in the Washington DC area. These properties are leased to hundreds of tenants for various terms, which in 2012 yielded net operating income (NOI) of $68 million. As of the end of 2012, the portfolio's vacancy rate was 15.5%.
The portfolio also includes two office buildings under construction valued at $150 million and two plots of land to be developed.
With this deal in place, Carr Properties expects to acquire and develop some $1.5 billion worth of office property in the metro area.
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