| That's why the REIT put the 138k SF Merrill Lynch building in Columbia under contract as part of a portfolio deal with two buildings in Tyson?s Corner for total price of $33.8M. They're assuming about $30M in cross-collateralized debt obligations in the deal; CIO Nicholas Smith tells us the Merrill building is an opportunistic buy and needs a little TLC, with capital improvements planned for the lobby and garage (they love its proximity to Columbia Mall). FRP also bought 296k SF industrial warehouse 7458 Candlewood Rd in Hanover from Meridian LLC for $22.6M Wednesday, taking on a $14.7M first mortgage loan from M&T Bank as part of the purchase. |
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