KanAm has ownership in Mills Corp. shopping centers, and, earlythis year, following Mills requirement by the SEC to restateearnings back to first quarter 2000, two KanAm funds were frozen.In mid-February, a KanAm spokesman said that selling a portfoliowas among its options for raising liquidity.
KanAm acquired the 20-story, 524,462-sf office asset at 1600 JFKBlvd. from Boston-based Leggat McCall in March 2005 for $95.3million, or nearly $182 per sf. This sale takes the per-sf pricetag to almost $208 per sf, giving KanAm a nearly $14-million gain.The building was constructed in 1964 and fully renovated between1999 and 2001.
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