News
PROLOGIS, COPT UNLOAD OFFICE
February 7, 2012
| Greenfield Partners secured $70.5M in debt financing to purchase 20 Columbia office buildings from AMB/ProLogis and four White Marsh buildings from COPT. At 800k SF total, that's just $2.9M per building... pocket change! |
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| Cassidy Turley's John Campanella and Paul Spellman, above, brokered the debt financing. "We continue to see the banks aggressively pricing the larger portfolio transactions," says John. (Maybe that means we can refi all those abandoned theme parks we bought after seeing Scooby-Doo.) "We expect this trend to continue through 2012 with a focus on strong sponsors." The 20 Columbia buildings have minimal short-term rollover risk and are 93% occupied, though segments of the portfolio have potential for redevelopment to a higher use. |
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| On Friday, Cassidy Turley had announced the sale of 20 buildings(588k SF) in Columbia's Oakland Ridge, Columbia Gateway, and Columbia Business Center business parks, but Bisnow DC also published the news of the financing, as well as the identity of the buyer—Greenfield—that day. The $70.5M loan that John and Paul arranged also covers four White Marsh buildings (212k SF). Cassidy Turley's Jon Carpenter and Jay Wellschlager repped ProLogis on the Columbia sales. (Above, 7151 Columbia Gateway Dr.) |
