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W.P. Carey Takes KBR Tower in Houston For $174.6M

Parkway Properties buys Phoenix Tower for $124.5M

  Houston Business Journal  by Shaina Zucker, Reporter             

   http://www.bizjournals.com/houston/news/2012/12/03/parkway-properties-purchases-greenway.html?iana

Date: Monday, December 3, 2012, 5:11pm CST

Parkway Properties Inc. (NYSE: PKY) said Monday it will acquire Phoenix Tower, a 626,000-square-foot Class A office building in the Greenway Plaza submarket.

Orlando, Fla.-based Parkway will purchase the 26-story tower for $124.5 million, and the deal is expected to close by the end of the year.

The 28-year-old structure, which was renovated in 2011, is currently 84.5 percent leased and is located on the northwest corner of Buffalo Speedway and Southwest Freeway.

Parkway will own 100 percent of the asset and intends to place a secured first mortgage on the property shortly after closing, which will total about 65 percent of the purchase price.

The company also purchased other office towers across the country — Tower Place 200, a 260,000-square-foot office tower in the Buckhead submarket of Atlanta, and 525 North Tryon, a 406,000-square-foot office tower in the central business district of Charlotte, N.C.

“These three acquisition opportunities fit well within our investment strategy of acquiring high-quality assets in our targeted submarkets,” James Heistand, Parkway’s president and CEO, said in the company’s Monday statement.

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W.P. Carey Takes KBR Tower in Houston For $174.6M

http://www.costar.com/News/Article/WP-Carey-Takes-KBR-Tower-in-Houston-For-$1746M/143540

40-Story Building 90% Leased to Global Engineering Firm
November 26, 2012

A affiliate of W. P. Carey Inc. has acquired the 40-story KBR Tower office building in Houston’s CBD.
CPA®:17 – Global, a non-traded REIT affiliate of publicly traded W.P. Carey (NYSE: WPC), purchased the 1,047,748-square-foot building at 601 Jefferson St. for $174.6 million from an affiliate of Brookfield Office Properties Inc. (NYSE: BPO).
Kellogg Brown & Root, Inc. (KBR), occupies about 900,000 square feet under a net lease with a remaining term of about 18 years. KBR is a global engineering, construction and services company supporting the energy, hydrocarbon, government services, minerals, civil infrastructure, power, industrial and commercial markets.
In total, the tower is 99.8% leased, with the balance occupied by a mixture of office and retail tenants. The acquisition includes a 1,499-space parking garage.
The long-term lease of a critical facility to an established corporate tenant like KBR as well as the property’s prime location in Houston’s CBD were main factors in making the investment, said W. P. Carey Executive Director Chad Edmonson.
“As they have on past deals with Brookfield affiliates, they were able to turn the transaction around quickly and meet our critical timing and other closing requirements,” added Dennis Friedrich, CEO of Brookfield Office Properties.
Reed Smith LLP represented the W.P. Carey affiliate as general real estate and transaction counsel in the closing, while Allied Advisors helped secure acquisition financing and also represented the seller in the disposition.

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Rosemont Realty Announces Four New Office Deals in Southwest

By GlobeSt News Hub

HOUSTON-Santa Fe-based Rosemont Realty LLC has announced the acquisition of four office buildings totaling 720,000 square feet in the Southwest. The four buildings include Ashford East, a 112,368-square-foot building in Houston; One Thousand Oaks, a 140,946-square-foot building in San Antonio; Cole Center at Denver West, a three-building, 167,205-square-foot complex in Denver; and One Federal Place, a 300,012-square-foot building in Birmingham, Alabama.

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Last Updated: November 28, 2012 11:55am ET

Weingarten Closes Out Industrial Division with $21M Sale

http://www.globest.com/news/12_489/houston/industrial/Weingarten-Closes-Out-Industrial-Division-with-21M-Sale-327216.html       By Amy Wolff Sorter

 HOUSTON-Weingarten Realty Investors officially exited the industrial ownership side of the business with the sale of its interest in three industrial joint ventures to Exeter Property Group’s Fund II. The portfolio consisted of nine industrial properties totaling approximately 2.6 million square feet in Houston, and was sold for $21.1 million.

“The completion of this portfolio sale marks our exit from the industrial business and positions Weingarten as a pure-play retail REIT. We will continue our commitment in building shareholder value through the repositioning of the retail portfolio into core markets with high barriers to entry and strong growth potential,” says Drew Alexander, Weingarten president and CEO, in a press release.

In early April, 2012, Weingarten unloaded 52 industrial properties in Florida, Georgia, Tennessee and Virginia totaling 9.6 million square feet to DRA. The southeast portfolio went for $382 million.

More recently, Weingarten completed the sale of two non-core, retail assets in October, including Burbank Station located in a suburb of Chicago and Johnston Road Plaza in Charlotte, NC. Burbank was the REIT’s final property in Illinois. Year-to-date dispositions have totaled $631 million, including the sale of the industrial portfolio.

 

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