UrbanAmerica Closes on $485M GSA-Anchored Portfolio
- Dec 12, 2008
In its largest-ever single transaction, UrbanAmerica L.P. has acquired a 3.1 million-square-foot portfolio of 13 office buildings and one strategic distribution center for $485 million. Although the seller was not officially disclosed, press reports from last July, when the deal was initially announced, indicate that the seller was Rubicon Capital America L.L.C., of Syndey. The portfolio is 98.2 percent leased overall and is 93 percent leased to the federal General Services Administration. The properties’ locations are primarily in larger urban markets: Washington, D.C.; Philadelphia; Boston; Sacramento; San Diego; Houston; Denver; Kansas City, Kan.; Providence, R.I.; Burlington, N.J.; Norfolk, Va.; Suffolk, Va.; and Huntsville, Ala. UrbanAmerica was able to assume long-term debt as part of the transaction. “This purchase is an excellent buy for our investors who are seeking core plus assets consistent with our investment strategy for Fund II,” the company said in a prepared statement. UrbanAmerican also announced that CB Richard Ellis will continue to provide property management and leasing services on the properties. UrbanAmerica is a registered investment advisor specializing in urban center real estate investment nationwide.