Proceeds from the recent sale of two of Brookfield's Denver assets were used to fund the acquisition of these properties in a 1031 exchange. Craig Macnab, CEO of National Retail Properties, says that proceeds of this sale will be eventually invested in a portfolio of higher yielding retail properties.
For its part, Brookfield is divesting itself of its secondary market assets in order to expand in the Washington-area market, says Ric Clark, president & CEO of Brookfield Properties. The two 12-story office buildings are located in the Pentagon City, a submarket of Arlington County, and total 554,000 sf. The properties are 100% leased to the Transportation Security Administration through 2014.
Brookfield is still in acquisition mode for the DC-area market, the spokesperson says. When the company entered the market 30 months ago it determined it would expand between two million to three million sf. Since then, its portfolio of class A office properties has grown to six buildings comprising 2.3 million sf.
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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.
