Never mind those unfortunate
Q1 investment sales behind
the curtain. Net lease’s steady,
case is ready for its global
CRE’s Most Unassuming
Net lease transactions in the first quarter of 2016 totaled $8.8 billion, a throat-gulping year-over-year drop of 44.1%, according to JLL’s first quarter Net Lease Investment Sales
outlook. Let’s set that aside for a moment, though, to consider two
notable transactions that did occur in the quarter.
One was the $354-million trade of Cira Square in Philadelphia.
Radnor, PA-based Brandywine Realty Trust sold this redeveloped
CBD asset leased by the Internal Revenue Service to South Korea-based Korea Investment Management. Another was by El Segundo,
CA-based Griffin Capital Corp., which
purchased the 200,846-square-foot
Toshiba Global Commerce Solutions
Now let’s ponder these deals for a moment. The Cira Square deal
was one of the largest net lease transactions for the quarter,
acquired by a foreign investor. Yes, we all know—foreign investors
are placing capital in US commercial real estate at record volumes.
By Erika Morphy
Net Lease Forum
Griffin Capital’s purchase of a Toshiba subsidiary’s Durham, NC headquarters was one of the biggest net lease transactions in Q1.