(To read more on the net lease market, click here.)
LOS ANGELES-Hager Pacific Properties, a specialist invalue-added deals, has acquired three office buildings totaling490,000 sf that are net leased to national credit tenants in SaltLake City, Chicago and Dallas. The new assets are the first in eachof the three markets for Hager Pacific, which bought the portfoliofrom Levitt Properties Trust in a transaction brokered by TedGibbons, president of Investment Realty Advisors in Bellevue,WA.
Although the leases on the buildings are short-term, HagerPacific found the properties appealing because it bought them at a"high cap rate and below replacement values," according to AdamMilstein, managing partner of Hager Pacific. In addition, theproperties are in markets that are growing significantly, Milsteinadds.
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