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4/13/12
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Karlin Real Estate recently closed two notable acquisitions, one an office property in Fort Wayne, IN and the other a retail center in the Las Vegas area. The Los Angeles-based company also concluded three separate acquisition financing deals in San Francisco, Dallas and Denver, in which they provided a combined $23 mil in first mortgage debt.
In Fort Wayne, Karlin purchased Park 3000, a 762k sf single-tenant office building. Park 3000 is 100% leased to Brown Mackie College, a division of Education Management Corporation, primarily offering shorter term vocational healthcare, business and legal degrees. Karlin acquired the property in an off-market transaction.
The retail acquisition was Black Mountain Marketplace, a 44.4k sf neighborhood shopping center in Henderson, roughly 15 miles southwest of Las Vegas. Black Mountain Marketplace, which was built in 2005, is currently 79% leased to a variety of regional and local tenants. Karlin acquired the asset in a lender-owned/REO sale from a special servicer.
Karlin provided $6 mil in bankruptcy exit financing for a 111.5k sf single-tenant office/flex building located in Grand Prairie, TX, a central suburb of the Dallas Metroplex. Built in 1976, 2400 W. Marshall is 100% leased to Lockheed Martin Corporation, who maintains an investment-grade credit rating of A- with Standard & Poor's. Lockheed Martin has occupied the building for more than 25 years.
In a separate financing, Karlin provided hotel developer The Kor Group with an $11 mil loan to finance the acquisition of the Renoir Hotel, a 135-key, 64.2k sf landmark hotel property located at 45 McAllister St in San Francisco. Karlin's bridge facility will allow The Kor Group time to complete pre-development work for the conversion of the property to a high-end, affordable boutique hotel.
Lastly, Karlin provided Newmark Merrill Mountain States, a unit of Newmark Merrill Companies, with a $5 mil senior credit facility to help fund the acquisition of Twin Peaks Mall, a 466.8k sf regional mall located in Longmont, CO, approximately 25 miles north of downtown Denver. The borrower, which had been managing the fully enclosed mall since 2010, provided meaningful equity. The acquisition price for the 50.2-acre site represents a significant discount to the 2007 purchase price of $33.6 mil.
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