X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-UrbanAmerica LP has acquired a 3.1-million-square footportfolio of 13 office buildings and one strategic distribution center for $485 million from Rubicon America Trust. The portfolio is 93%-leased to federal government tenants, and represents UA’s largest one-time acquisition.

The properties are located in Washington, DC; Philadelphia; Boston;Sacramento; San Diego; Houston; Denver; Kansas City, KS; Providence,RI; Burlington, NJ; Norfolk, VA; Suffolk, VA and Huntsville, AL. According to a release, the acquisition fits in with UA’s business plan calling for real estate investments with strong credit institutional tenants in major metropolitan markets.

UA was able to assume long-term debt in this deal, increasing the attractiveness of the 98.2%-leased portfolio, the release states. It was completed through UA’s Fund II, which was launched with $300 million in 2005 in a partnership with Fisher Urban Associates. Tom Robinson of North Star Realty in Atlanta represented UA in the acquisition.

In a statement, Richmond McCoy, founding partner and CEO of UA, says the purchase represents “an excellent buy for our investors who are seeking core-plus assets consistent with our investment strategy for Fund II. Last year we refined our targeted deals to focus exclusively on strong credit and assumable debt. In addition, UrbanAmerica has had very good performance with our government leased asset investments. We have a strong asset management team with extensive government experience on both sides of the table as tenants and owners. CB Richard Ellis will continue to provide the property management and leasing services to UrbanAmerica, ensuring a smooth transition and continuity for our diversified government tenant roster.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.