Karlin Real Estate Acquires Retail and Office Properties in Las Vegas and Fort Wayne
LA-based firm also provides $23 Million to finance deals in San Francisco, Dallas and Denver
LOS ANGELES – Real estate investment firm Karlin Real Estate adds to its equity and debt real estate platform with the acquisition and financing of office, retail, and hotel properties in San Francisco, Las Vegas, Dallas, Denver and Fort Wayne.
In two separate transactions, Karlin acquired Park 3000, a 76,175 square-foot single-tenant office building in Fort Wayne, IN and Black Mountain Marketplace, a 44,373 square-foot neighborhood shopping center in Henderson, NV approximately 15 miles southwest of Las Vegas. Park 3000 is 100% leased to Brown Mackie College, a division of Education Management Corporation (NASDAQ: EDMC), primarily offering shorter term vocational healthcare, business and legal degrees. Karlin acquired the property in an off-market transaction. 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, which also provides senior financing for value add transactions has funded three separate acquisitions with $23 million in first mortgage debt.
Karlin provided $6 million in bankruptcy exit financing for a 111,471 square-foot 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 (NYSE:LMT), 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 million loan to finance the acquisition of the Renoir Hotel, a 135-key, 64,225 square-foot landmark hotel property located at 45 McAllister Street in San Francisco, CA. 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 million senior credit facility to help fund the acquisition of Twin Peaks Mall, a 466,838 square-foot regional mall located in Longmont, Colorado, 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 million.
About Karlin Real Estate
Karlin Real Estate (<http://www.karlinre.com>) is a Los Angeles-based real estate investment firm with more than $1 billion in unleveraged capital under management. Karlin Real Estate focuses on acquiring value added commercial properties, bundled assets as well as performing and non-performing debt secured by real estate.
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