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Whiterock Enters US Market with $77M Deals

TORONTO-The locally based REIT bought a US Bank-leased office building in Kansas and a Nissan distribution center in Tennessee, with $50 million in acquisition financing.

By Robert Carr | Updated on August 25, 2011

TORONTO-Whiterock REIT has closed on the purchase of two offices in Kansas and Tennessee for $77 million, completing an entry into US property ownership. CB Richard Ellis arranged a $50 million financing package for the purchase of US Bank at Deercreek Commons in Overland Park, KS and the Nissan Parts Re-Distribution and Export Center in Mount Juliet, TN.

The properties were part of the five-site Founders Properties National Single Portfolio owned by Opus. The assets were purchased by Whiterock on a wholly-owned basis, with Whiterock assuming property management. The average capitalization rate on the assets is approximately 7.5% and the interest rate on the new long-term fixed rate first mortgage is 5.75%.

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