Original Southeast commercial real estate news & events for Atlanta, Carolinas, Memphis, Miami, Nashville, Orlando and Washington D.C. metro area; plus expert insights, commentary and analysis into secondary and tertiary regional and local markets.
Originally established in 1974, the property served as a hub of community activity and premier tourism destination for 30 years before being irreparably damaged by Hurricane Ivan.
The deal marks the Washington, DC-based REIT's second investment in Boston following its recent announcement of joining with National Real Estate Advisors and HYM Investment Group to own and develop One Congress, a 1-million-square-foot trophy office tower in Downtown Boston.
The deal, inclusive of assumed debt, calculated out to an initial cap rate of 7.5% and an average GAAP cap rate of 8% and brings the company's portfolio in the Detroit area to a total approaching 1 million square feet.
HCP, Welltower and Ventas all highlighted in their earnings report a strategy for the medical office asset class, says. Mizuho REITs analyst Richard Anderson.
The sale permits Mimms to focus on its remaining core assets of 31 properties, and to place more emphasis on acquiring multi-tenant retail and industrial opportunities throughout Atlanta and the Southeast.
The REIT states that the 330,000-square-foot first phase of the 102-acre mixed-use development opens today at 93% leased. Some of its major tenants include: TJ Maxx, Hobby Lobby, Ulta, Lucky's Market, BrandsMart, Five Below, Starbucks and YouFit Health Club.