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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.
"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 Mira site was previously known as Block One of the Transbay redevelopment plan, now known as the Transbay neighborhood, with access to the waterfront, the Salesforce Park and Transit Center.
The National Center for Educational Statistics data projects the student population will reach 23 million by 2020, and the population between the ages of 18 and 24 is projected to continue increasing through 2050.
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.
In our exclusive audio interview, learn about how StackSource plans to use $220,000 in seed funding, free work space and expert mentorship from Newark Venture Partners.