The three-building, class A office campus sits on 64 acres. Itwas acquired by AFRT in August 2005 for $283.5 million. As part ofthe deal, the Fireman's Fund agreed to net lease the propertythrough November 2018. The deal translated to an average cap rateof 7.82% over the life of the lease. Eastdil Secured had thedisposition assignment.
For AFRT, the sale represents the tail end of a repositioningplan designed to unlock shareholder value, reduce the company'sleverage ratio and increase availability under the company'sacquisition facility. Company president Harold Pote instituted theplan when he took the company's helm in August 2006. At its heartwas the disposition of up to $2 billion in non-core assets.
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