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Investcorp Deals Top 450,000 SF

NEW YORK CITY-The global investment group's New York office advances its medium-term hold strategy with the acquisition of a Virginia office/apartment complex and the sale of a Minnesota shopping center and a New Jersey office property.

By Glen Thompson | Updated on August 29, 2002

NEW YORK CITY-Bahrain-based investment group Investcorp has purchased an office/apartment complex and sold off one shopping center and an office property through its US headquarters, based here. The dispositions total 452,224 sf.

Investcorp’s Aug. 22 acquisition of the Mosby, a mixed-use property in Fairfax, VA, was made in partnership with a subsidiary of Insignia Financial Group. The property, which was sold by Washington, DC-based the JBG Cos., comprises two class B buildings. One structure is a five-story, 110-unit multifamily facility with units ranging in size from 570 to 940 sf. The 107,000-sf asset is 98% leased. The other is a six-story, 107,706-sf office property with ground-floor retail space. The facility is 95% leased with 91 tenants. Terms of the deal have not been disclosed.

On the sales side, Investcorp disposed of Park Square Shopping Center in a $9.5-million deal. Oakbrook, IL-based Inland Real Estate Corp. acquired the 137,095-sf asset, located in Brooklyn Park, MN. The transaction, which closed Aug. 20, marks Investcorp’s third retail sale this year. In May, the company sold its 75% equity interest in Chester Springs Shopping Center in Chester, NJ and Rivertowne Shopping Center in Deerfield Beach, FL to institutional partner Ramco Gershenson Properties Trust for an aggregate $34 million.

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