ADDISON, TX-Brookfield Asset Management Inc. has obtained a $17.5 million loan from Mesa West Capital to finance the acquisition and lease up of Two Addison Circle, a 198,484-square-foot, vacant office building.
Toronto-based Brookfield acquired the class A building out of foreclosure from the lender for $16 million, or $81 per square foot, which represents a 50+% discount to replacement cost of $175 per square foot. Built in 2009, the six-story, brick and glass building features structured parking for 735 cars. It is LEED certified by the USGBC.
Brookfield closed the deal in an all-cash buy before placing debt on the property, according to Raphael Fishbach, director of Mesa West’s New York office who originated the loan.
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