Lone Star pays $233.5m for 15-property portfolio
Lone Star Funds has purchased a 15-property portfolio from CommonWealth REIT.
The portfolio, totaling approximately 2.96 million square feet, consists of office and industrial assets in Adairsville, Ga.; Albuquerque; Carson, Calif.; Columbia, S.C.; Memphis; Morgan Hill, Calif.; Phoenix; Stafford, Va.; Roswell, Ga.; and San Diego. Five of the 15 properties are industrial assets, while the remaining are office assets.
The highest priced asset was Corporate Square, a 593,062-square-foot office in Atlanta, which sold for $58.4 million. And the second highest priced asset was DMI Distribution, a 292,000-square-foot industrial property in Adairsville, Ga., which sold for $40.2 million.
Based on square footage, Corporate Square is also the largest asset. The second largest asset was the Madrone Business Park, a 311,242-square-foot industrial prop