As the investment market remains in flux, those buyers with money to spend are continuing to eye high-value deals. In the latest such move, a joint venture between CB Richard Ellis Realty Trust and Duke Realty Corp. shelled out $41 million to acquire a pair of fully-leased office buildings in Houston and Orlando, along with a warehouse facility in Tampa. For the buyers, the current pricing downslope and limited buyer pool were key ingredients to getting their hands on attractive properties.\u201cThere is always an interest in finding good yielding properties with good cash flow and high quality tenants,\u201d Jack Cuneo, president & CEO of CB Richard Ellis Realty Trust, told CPN. \u201cThe sellers may not get the pricing they had projected in the past, but certainly there are buyers and cash around for good quality properties. The buyer has to be willing to not be dependant upon leverage to be successful in the market today, though.\u201d And today’s low-leverage buyers have seen no shortage of activity as of late. On May 7, CPN reported that Sysco acquired a 526,000-square-foot industrial property in Central Islip, N.Y., from a private investor in one of the largest recent Long Island industrial sales. And on May 4, Stoneridge Capital Partners acquired the 498-unit Class A Avila Apartment Homes community in Rancho Santa Margarita, Calif., from The Northwestern Mutual Life Insurance Co. in a $70 million deal.\u00a0 The three properties acquired by the CBRE Trust Duke joint venture–which was formed in 2008–all have long-term leases. All three are Class A single-tenant, build-to-suit buildings. The Houston property (pictured) is located at 22535 Colonial Parkway, is a two-story 89,700-square-foot office building that is LEED Gold certified by the U.S. Green Building Council. The building is 100 percent leased to Norwegian risk management firm Det Norske Veritas.The Orlando complex, known as Celebration Office Center III, is a three-story office building located at 1390 Celebration Blvd., adjacent to Walt Disney World’s 4,,900-acre Celebration campus. The 100,900-square-foot complex is LEED Silver-certified. The building is 100 percent leased to Disney Vacation Development, a fully owned subsidiary of the Walt Disney Company, which owns and manages Disney\u2019s vacation timeshare operations. Finally, the Fairfield Distribution Center IX is a 136,200-square-foot warehouse facility located at 4543-4561 Oak Fair Blvd. in an infill industrial park in Tampa. The building is 100 percent leased to information services firm Iron Mountain.And the joint venture between CB Richard Ellis and Duke Realty isn’t closing its pocketbook any time soon, with plans to acquire up to $800 million of newly developed build-to-suit projects over a three-year period.<\/p>\n","protected":false},"excerpt":{"rendered":"
As the investment market remains in flux, those buyers with money to spend are continuing to eye high-value deals. In the latest such move, a joint venture between CB Richard Ellis Realty Trust and Duke Realty Corp. shelled out $41 million to acquire a pair of fully-leased office buildings in Houston and Orlando, along with…<\/p>\n","protected":false},"author":1314,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37301],"tags":[],"class_list":["post-1003975486","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"acf":[],"yoast_head":"\n