Jeffrey Dunne, Steven Bardsley and Todd Newman of CB RichardEllis' New York Tri-State Region Institutional Group and Bo Cashmanof CBRE's Baltimore office acted as investment advisor for theseller--a group of companies that included HG Hopkins Holdings LLC,Hopkins Plaza Financial Associates LLC, HPFA Managing Co. LLC andEast Baltimore Financial Associates LLC. The CBRE team also linedup the buyer for the deal.
According to Dunne, the 572,756-sf CBD portfolio is the firstasset acquisition for USA Realty Fund. "It went from being a lenderon real estate assets to owning some as well," he tellsGlobeSt.com. One of the primary goals behind its purchase, Dunnespeculates, is the steady cash flow the portfolio yields.
The portfolio consists of the Mercantile Bank & TrustBuilding and Ten East Baltimore St. Located within walking distanceof Baltimore Inner Harbor and Oriole Park at Camden Yards, thebuildings are over 99% leased.
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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.
