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The largest transaction—a $165-million non-recourse mortgage loan—is collateralized by 85 assets owned by subsidiaries of SMTA and leased to Shopko that are held outside of the company's Master Trust.
The 50,978-square-foot building— DEA - Upper Marlboro—is a modern, Class A laboratory 100% leased to the GSA and occupied by the DEA, which serves as the DEA's Mid-Atlantic regional laboratory.
Among the stores targeted for shut down include two locations in Manhattan at 2008 Broadway on the Upper West Side and 635-641 6th Ave. in Chelsea. According to the two stores' respective website, both locations have already been permanently closed.
The London Centre is a campus for Fordham students and other universities to study abroad and immerse themselves in the culture of the city as well as the continent.
Originally established in 1974, the property served as a hub of community activity and premier tourism destination for 30 years before being irreparably damaged by Hurricane Ivan.
The deal marks the Washington, DC-based REIT's second investment in Boston following its recent announcement of joining with National Real Estate Advisors and HYM Investment Group to own and develop One Congress, a 1-million-square-foot trophy office tower in Downtown Boston.
The deal, inclusive of assumed debt, calculated out to an initial cap rate of 7.5% and an average GAAP cap rate of 8% and brings the company's portfolio in the Detroit area to a total approaching 1 million square feet.