The $166.5 million purchase price is being funded with $135.3million of mortgage financing proceeds and roughly $43.1 million ofequity. Thomas Properties is providing 25%, or $10.8 million, inequity finance. CalSTRS is funding $32.3 million, or 75%.
The seller, Equity Office Properties Trust, was represented byCB Richard Ellis in the Centerpointe transaction while Jones LangLaSalle represented the seller in the Fair Oaks Plaza deal.
Centerpointe, which is comprised of twin 11-story, 204,000-sftowers, is currently 99% leased. However, a large block of spacecould become available in late 2007, according to Steve Todd,senior associate of Thomas Properties. "This offers an opportunityto lease in a market where there is strong demand, particularlyfrom major companies with significant space needs and limitedlocation options," he says in a statement.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
