Southeast

The properties that total 254,796 square feet were sold by Crescent Lakeside LLC and acquired by New York-based investment firm HLM Realty LLC.

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.

Bethesda, MD-based Walker & Dunlop arranged the financing transaction for the seven-story Class A property.

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.

HCP, Welltower and Ventas all highlighted in their earnings report a strategy for the medical office asset class, says. Mizuho REITs analyst Richard Anderson.

The sale permits Mimms to focus on its remaining core assets of 31 properties, and to place more emphasis on acquiring multi-tenant retail and industrial opportunities throughout Atlanta and the Southeast.

Latitude targets the middle-market segment and its focus has been on originating bridge loans for value add and transitional properties.