Jenkintown, PA-based AFR acquired the 64-acre campus from theFireman's Fund Insurance Co. in August 2005 for $283.5 million. Aspart of the deal, the Fireman's Fund agreed to net lease theproperty through November 2018. The deal translated to a 7.82%capitalization rate (average revenues over the remaining term ofthe Fireman's Fund lease less operating expenses divided by thegross purchase price) based on projected cash flows.
Eastdil Secured has the disposition assignment. The transactionis scheduled to close before the end of June. A source with theFireman's Fund tells GlobeSt.com that its headquarters will remainin Novato.
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