GlobeSt.com - June 22, 2006
In what may be one of the largest such transactions of its kind, New York-based JFR Global Investments has bought about 3.6 million square feet of office and industry buildings comprised entirely of net-leased, single-tenant properties assembled one at a time and sold as a portfolio. The seller, a private investment group, was asking $245 million for the buildings, though the final price wasn’t disclosed. (believed to be Stag Capital)
All together there are five office and 17 industrial properties in the portfolio. The weighted average lease term is nearly ten years across the portfolio, which is also geographically diverse, spanning 17 states. The average size per property is 175,000 square feet. Notable tenants included Apria Healthcare, Bausch & Lomb, GlaxoSmithKline, West Marine and Xerox Corp.
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Saturday, June 24, 2006
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