The $166.5 million purchase price is being funded with $135.3 million of mortgage financing proceeds and roughly $43.1 million of equity. Thomas Properties is providing 25%, or $10.8 million, in equity finance. CalSTRS is funding $32.3 million, or 75%.
The seller, Equity Office Properties Trust, was represented by CB Richard Ellis in the Centerpointe transaction while Jones Lang LaSalle represented the seller in the Fair Oaks Plaza deal.
Centerpointe, which is comprised of twin 11-story, 204,000-sf towers, is currently 99% leased. However, a large block of space could become available in late 2007, according to Steve Todd, senior associate of Thomas Properties. "This offers an opportunity to lease in a market where there is strong demand, particularly from major companies with significant space needs and limited location options," he says in a statement.
Fair Oaks Plaza, which is two miles east of Centerpointe, is an eight-story building that is 94% leased.
Thomas Properties will manage the new acquisitions and oversee leasing and marketing together with CB Richard Ellis. The company could not comment in time for publication.
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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.
