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McLEAN, VA-KBS REIT has closed seven leases totaling 35,797 square feet at Tysons Dulles Plaza. The leases are both new tenants and renewals at the three-building, 487,775-square foot office complex.
Tenants include Jefferson Apartment Group, which renewed 7,839 square feet, Spry Methods which signed a 7,544-square-foot new lease, and Sphere of Influence, which renewed 7,444 square feet.
KBS has invested $24 million in renovations at the property in the last two years, including a new conference facility and fitness center.
Wheeler REIT Pays Down Line of Credit Via ATM
VIRGINIA BEACH, VA-Wheeler REIT has paid down the balance on its revolving credit line with KeyBank National Association to $46.1 million from $67.2 million by tapping the at-the-market offering market. The REIT used the credit line earlier this year to finance 85% of the purchase of a fourteen-asset grocery-anchored shopping center portfolio located in South Carolina and Georgia.
The agreement called for Wheeler REIT to lower the credit facility to 65% LTV, or $46.1 million by March 2017.
Last month Wheeler launched an at-the-market offering of its Series B preferred stock through an equity distribution agreement with JonesTrading Institutional Services.
Besides raising the funds to pay down the credit line, it also refinanced its Chesapeake Square property.
Deleveraging capital is important to the company, CEO Jon S. Wheeler said in a prepared statement.
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McLEAN, VA-KBS REIT has closed seven leases totaling 35,797 square feet at Tysons Dulles Plaza. The leases are both new tenants and renewals at the three-building, 487,775-square foot office complex.
Tenants include Jefferson Apartment Group, which renewed 7,839 square feet, Spry Methods which signed a 7,544-square-foot new lease, and Sphere of Influence, which renewed 7,444 square feet.
KBS has invested $24 million in renovations at the property in the last two years, including a new conference facility and fitness center.
Wheeler REIT Pays Down Line of Credit Via ATM
The agreement called for Wheeler REIT to lower the credit facility to 65% LTV, or $46.1 million by March 2017.
Last month Wheeler launched an at-the-market offering of its Series B preferred stock through an equity distribution agreement with JonesTrading Institutional Services.
Besides raising the funds to pay down the credit line, it also refinanced its Chesapeake Square property.
Deleveraging capital is important to the company, CEO Jon S. Wheeler said in a prepared statement.
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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.
