PAC Acquires 170 KSF Class A Office Building
- Sep 02, 2016
Birmingham, Ala.—Preferred Apartment Communities recently announced the acquisition of a 169,500-square-foot property located in the Mountain Brook area of Birmingham, within the 816,000-square-foot Brookwood Village shopping center.
Located at 569 Brookwood Village, the Class A office asset is known as the Colonial Brookwood Center and was completed in 2006. The nine-story building is 100 percent leased, the tenant roster including PricewaterhouseCoopers, Merrill Lynch and Kinder Morgan. The average remaining lease term is of approximately nine years.
The acquisition was financed through a $32.4 million first mortgage loan from Life Insurance Company of the Southwest. The maturity date is Sept. 1, 2031, with a fixed yearly interest rate of 3.52 percent per.
“This acquisition is consistent with our previously described strategy of holding a defined portion of our assets in properties other than our core multifamily communities,” said Daniel DuPree, chief investment officer of PAC, in prepared remarks. “We select these non-multifamily focused assets in property types in which we have considerable, proven experience and expertise which is certainly the case here” added John Williams, chairman & CEO of PAC.
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