{"id":1004052474,"date":"2012-08-02T21:14:02","date_gmt":"2012-08-03T05:14:02","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=60713"},"modified":"2022-12-08T19:51:16","modified_gmt":"2022-12-09T03:51:16","slug":"caplease-finances-40m-woodlands-acquisition","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/caplease-finances-40m-woodlands-acquisition\/","title":{"rendered":"CapLease Finances $40M Woodlands Acquisition"},"content":{"rendered":"

By Georgiana Mihaila, Associate Editor<\/em><\/p>\n

CapLease Inc. announced it has closed long-term financing on The Reserve at Sierra Pines,\u00a0the 175,000-square-foot Class A office building located in The Woodlands that it recently purchased for $40.5 million.<\/p>\n

CapLease obtained a $22.4 million first mortgage loan, a non-recourse loan from a life insurance company that was priced at a coupon of 3.7 percent, with a 10-year term, a 30-year amortization schedule and the first four years interest only.\"\"<\/a><\/p>\n

The Reserve at Sierra Pines is fully leased, with two single A-rated large corporate tenants occupying about 70 percent of the space. Approximately 61 percent of the square footage in the building is leased through May 2022 to Praxair Inc., an NYSE-listed company with a market capitalization of more than $30 billion and credit ratings of A\/Aa2 from S&P\/Moody\u2019s.<\/p>\n

An additional 8 percent of the space is leased through August 2017 to Dover Fluid Management Inc., a subsidiary of Dover Corp., another NYSE-listed company, with a market capitalization of about $10 billion and credit ratings of A\/Aa2 from S&P\/Moody\u2019s. The remaining square footage is leased by three other creditworthy tenants.<\/p>\n

Paul McDowell, chairman & CEO, stated, \u201cThis latest acquisition provides another example of the CapLease team\u2019s ability to add high-quality assets in strong locations at better-than-average returns with significant upside potential. The Woodlands is Houston\u2019s tightest submarket, with Class A vacancy rates historically in the mid single digits and currently at about 3 percent. With both the Praxair and Dover leases at below-market rents, this property provides us with the opportunity to meaningfully increase our yields when those leases roll.\u201d<\/p>\n

CapLease Inc. is a real estate investment trust that primarily owns and manages single-tenant commercial real estate properties subject to long-term leases to high credit quality tenants.<\/p>\n

\u00a0Image courtesy of Loopnet<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

CapLease Inc. announced it has closed long-term financing on The Reserve at Sierra Pines, the 175,000-square-foot Class A office building located in The Woodlands that it recently purchased for $40.5 million.<\/p>\n","protected":false},"author":39,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1589,21742],"tags":[],"class_list":["post-1004052474","post","type-post","status-publish","format-standard","hentry","category-houston","category-latest"],"acf":[],"yoast_head":"\nCapLease Finances $40M Woodlands Acquisition - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/caplease-finances-40m-woodlands-acquisition\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CapLease Finances $40M Woodlands Acquisition\" \/>\n<meta property=\"og:description\" content=\"CapLease Inc. announced it has closed long-term financing on The Reserve at Sierra Pines, the 175,000-square-foot Class A office building located in The Woodlands that it recently purchased for $40.5 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/caplease-finances-40m-woodlands-acquisition\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2012-08-03T05:14:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T03:51:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/08\/Sierra-Pines.jpg\" \/>\n<meta name=\"author\" content=\"Amalia Otet\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/caplease-finances-40m-woodlands-acquisition\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/caplease-finances-40m-woodlands-acquisition\\\/\"},\"author\":{\"name\":\"Amalia Otet\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/9f6a1043b1429cf8ff129c75614caa73\"},\"headline\":\"CapLease Finances $40M Woodlands Acquisition\",\"datePublished\":\"2012-08-03T05:14:02+00:00\",\"dateModified\":\"2022-12-09T03:51:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/caplease-finances-40m-woodlands-acquisition\\\/\"},\"wordCount\":303,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/caplease-finances-40m-woodlands-acquisition\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2012\\\/08\\\/Sierra-Pines.jpg\",\"articleSection\":[\"Houston\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/caplease-finances-40m-woodlands-acquisition\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/caplease-finances-40m-woodlands-acquisition\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/caplease-finances-40m-woodlands-acquisition\\\/\",\"name\":\"CapLease Finances $40M Woodlands Acquisition - 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