Finance Net Leasing
Capitol Lounge Building Sold in DC
July 22, 2008
By: Elena Gontar, Staff Writer

The Capitol Lounge building located at 229 Pennsylvania Avenue in Washington, D.C., has been sold by the NorthMarq investment sales team of Jim Karnack, Jerry Burg and Matt Clinebell, the company said today.

The building (pictured) contains 8,780 square feet of space on three floors and a lower level. Two office tenants occupy the upstairs portion of the property.

The NorthMarq team worked on the deal with Roy Hill of Marcus & Millichap, who was marketing the building for sale. The Washington, D.C., office of NorthMarq sourced the buyer and structured the complex transaction, which included a sale-leaseback, master lease and credit enhancement. The buyer completed a 1031 exchange with the purchase.

 
Recent Net Leasing Headlines
ProLogis Leases 460,000 SF in Shanghai
Oct. 07, 2008
ProLogis has announced it has leased a total of approximately 460,000 square feet to two customers in Shanghai, China In the Pudong submarket of Shanghai, at ProLogis Park Jinqiao,
mmarsden ProLogis Lands on Two New Dow Jones Green Indices
Oct. 03, 2008
ProLogis announced October 2nd that it has been included on the Dow Jones Sustainability Indices. These indices are the first to track the financial performance and viability of leading businesses worldwide known for their green initiatives. The indices provide asset managers with objective benchmarks to manage sustainability portfolios, which are increasing in number to meet a growing demand among investors.
NetLease Q&A: American Realty Capital Exchange's  Watt Says 1031, TIC Slowdown is Cyclical
Sept. 30, 2008
The 1031 exchanges and tenant-in-common deals have had a rough time of it lately. Until last year, there was a booming volume of real estate investment sales, which provided the necessary folder for a healthy 1031 exchange and TIC market. In particular, as apartments went condo, the sellers needed a tax-advantageous exit strategy.
One Liberty Acquires $53M of Retail in Sale-Leasebacks
Sept. 30, 2008
As the credit crunch tightens its grip on lending, REIT One Liberty Properties Inc. is looking to take advantage of retail owners seeking sale-leaseback deals. In this month alone One Liberty has bought and leased back nine Office Depot locations for more than $53 million.
JV Takes Boston-Area Properties for $28M
Sept. 29, 2008
Taurus Investment Holdings L.L.C. and DivcoWest have acquired two properties in North Reading, Mass., from Teradyne Inc., for $27.5 million. CB Richard Ellis Inc. of New England arranged the transaction.
 

 

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