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GlobeSt.com UPDATE: IPC Closes on 914,000 SF of Office Propeties

TORONTO-The locally based REIT focused on US real estate acquires one class A office property in Houston and another in Memphis in separate transactions totaling $129 million.

By Brian K. Miller | Updated on November 15, 2005

TORONTO-IPC US REIT has closed on 914,000 sf of office acquisitions. The locally based REIT focused on US real estate acquires one class A office property in Houston and another in Memphis in separate transactions totaling $129 million. Bank of America loaned IPC 69% of the cost.

The larger of the two properties acquired is Loop Central, a 575,000-sf three-building complex located in the Galleria submarket of Houston. The property is 83% leased, which equates to 90,000 sf of available space. Tenants include Litton Loan Servicing, Universal Ensco, HHS Texas Management and the University of Phoenix. The sellers were Whitehall and Lincoln Properties

The other property, Crescent Center, is a 339,000-sf nine-story office building in Memphis that is 97% leased. Tenants include Wachovia, Goldman Sachs, Perkins Restaurants, Butler Snow & O’Mara, Stanford Financial and FedEx Trade Networks. IPC says the building is the premier address in the city and commands the highest rental rate. The seller was the Arkansas State Teachers Association.

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