ROCKVILLE, MD—Federal Realty Investment Trust netted $149.3 million from its offering earlier this month, according to a regulatory filing. The REIT said it will use the proceeds to trim its $600 million revolving credit facility and for general corporate purposes.
The $600 million facility has a interest rate of Libor plus 90 basis points and it matures on April 21, 2017, subject to a one-year extension at Federal Realty's option. As of February 29, 2016, the company had $231 million outstanding under the credit facility.
Akridge Paid $28M for the Former YMCA
WASHINGTON, DC—Last week we reported that Akridge closed on its pending purchase of the former YMCA at Rhode Island Ave., NW. We have learned since then that it paid $28 million, or $280 per square foot for the property, which will be redeveloped into an office building.
Westwood Tower Traded for $50M
TYSONS, VA—We also reported last week that MRP Realty acquired Westwood Metro Tower, a 210,087-square foot office building at 8614 Westwood Center Dr., but pricing was not available. We have learned the price was $50 million.
MRP Realty partnered with private equity company Rockpoint Group to buy the building. Cristopher White, senior vice president of acquisitions at MRP, said the company plans to add to the building's amenities.
ROCKVILLE, MD—Federal Realty Investment Trust netted $149.3 million from its offering earlier this month, according to a regulatory filing. The REIT said it will use the proceeds to trim its $600 million revolving credit facility and for general corporate purposes.
The $600 million facility has a interest rate of Libor plus 90 basis points and it matures on April 21, 2017, subject to a one-year extension at Federal Realty's option. As of February 29, 2016, the company had $231 million outstanding under the credit facility.
Akridge Paid $28M for the Former YMCA
WASHINGTON, DC—Last week we reported that Akridge closed on its pending purchase of the former YMCA at Rhode Island Ave., NW. We have learned since then that it paid $28 million, or $280 per square foot for the property, which will be redeveloped into an office building.
Westwood Tower Traded for $50M
TYSONS, VA—We also reported last week that MRP Realty acquired Westwood Metro Tower, a 210,087-square foot office building at 8614 Westwood Center Dr., but pricing was not available. We have learned the price was $50 million.
MRP Realty partnered with private equity company Rockpoint Group to buy the building. Cristopher White, senior vice president of acquisitions at MRP, said the company plans to add to the building's amenities.
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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.
