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The future of the suburban office market depends on bringing the many complexes built in the 1970s and 1980s into the modern era.

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.

"This acquisition continues the expansion of our nationwide industrial portfolio, which seeks to secure strong, income-oriented returns at this mature stage of the current real estate cycle,” says Brodie Ruland, ASB senior vice president and Northeast region head.

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.

The refinancing is for a residential building at 150 W. 82nd St.