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News Breaks | | | | December 20, 2012 | | 16:52 EDT |  | LSE | CapLease FY12 acquisition volume grows over $180M
CapLease announced that it that it has entered into a binding contract to acquire a Class A office building located in the South Central United States for a total purchase price of $18.1M. The company's average capitalization rate for the property will be about 9%. The company expects to close the acquisition prior to year-end which will bring total acquisition volume for 2012 to more than $185M. The company also announced that it has now closed on the previously announced acquisition of two adjacent single tenant office properties located in Englewood, Colorado outside of Denver for a total purchase price of $26.1M. In addition, the company announced that it has obtained long-term financing of the approximately 145,000 square foot Class A office building located in the Energy Corridor of Houston, Texas which was purchased earlier this month for $35.5M. CapLease secured a $19.5M first mortgage loan, which equates to a 55% ratio of the loan principal to the company's purchase price. The non-recourse mortgage loan is from a major insurance company and has a coupon of 4.0%, with a ten year term. | |
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