WASHINGTON, DC-Alony Hetz Property and Investments Ltd. and its partner, the Special Situation Property Fund of JP Morgan Chase Bank, have reportedly closed on their $330 million investment in Carr Properties. The two companies have acquired an 88% stake in the firm.
This deal was first announced at the end of 2012.
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 a net operating income 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, among them 1700 New York Ave., NW, and 4500 East-West Highway in Bethesda, MD.
According to earlier statements, Carr Properties expects to acquire and develop some $1.5 billion worth of office property in the metro area once this deal is in place.
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