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NEWPORT BEACH, CA-Locally based AMG Realty Investors and NBSReal Estate Capital of Portland, OR have closed on the acquisitionof a 40,115-sf office building at 180 Newport Center Dr. in what isdescribed as a complex transaction requiring a unique structure.The joint venture of AMG and NBS bought the building for nearly$11.8 million from Davenport Partners in a deal that was engineeredby Buchanan Street Partners and is described as a value-addplay.

Tim Hawthorne, EVP at Buchanan Street Partners, says the dealrequired "a unique structure" because of the complexities involvedin underwriting the property under the terms of its ground lease.Buchanan wore a number of hats in the transaction, with itsinvestment sales division representing seller Davenport Partnerswhile its structured finance specialists negotiated the acquisitionfinancing on behalf of the buyers.