News

The real estate investment and consulting firm received a $141M loan to develop 15 Laight St. into an office building.

The real estate veteran brings experience from prior positions at Murray Hill Properties, Colliers International and NAI Global.

At closing, the venture will acquire an initial portfolio of assets of approximately 6.9 million square feet of operating properties and 371 acres of land from Prologis' balance sheet with a commitment to build out the existing land bank.

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.

Reportedly Northern Virginia, Dallas and New York City are on the company's short list.

Potential buyers want to see how the recent Walgreens and Rite Aid merger works out, among other concerns.

Easier access to Capitol Hill and the ability to host members in a vibrant, amenity rich neighborhood were among the reasons, RILA's president said.