Tag Archives: acquire

MGM Development Characteristic Makes Play to Acquire VICI Residences


Caesars Palace in Las Vegas MGM Development Residence LLC (NYSE: MGP) is making a play to combine two of the biggest casino owners worldwide.

MGM sent a letter to the CEO and the chairman VICI Residences Inc. (OTCMKTS: VICI) proposing to acquire 100% of VICI’s outstanding typical stock for $19.50 per share in an all-stock offer.

MGM stated VICI up until now has elected not to take part in significant conversations. Maybe for an excellent factor: its stock has actually been trading for a little more than $20 a share through most of December and January. Its stock price today was selling a range from $20.50 to $23/share.

VICI has a market capitalization worth of about $6.4 billion.

VICI has not yet openly reacted to MGM’s statement of the deal this morning. MGM stated it went public with the proposal in an effort to engage and move forward rapidly to practiced a transaction.

Born out of the personal bankruptcy reorganization of Caesars Home entertainment Corp., VICI Properties was spun-off late in 2015 as the owner of a diverse portfolio consisting of 20 video gaming centers consisting of Caesars Palace Las Vegas. Its nationwide, geographically varied portfolio includes over 36 million square feet and functions around 14,500 hotel spaces and more than 150 dining establishments, bars and bars.

MGM Growth Characteristic currently owns 11 premier destination resorts in Las Vegas and elsewhere across the United States and one dining and home entertainment complex. The homes collectively make up 27,541 hotel spaces, over 2.65 million convention square video footage, over 100 retail outlets, over 200 food and drink outlets and over 20 home entertainment locations.

MGM stated it thinks that a proposed combination is exceptionally attractive tactically and economically for itself and VICI. The combination of the 2 would produce the biggest triple-net lease REIT and a Top 15 public REIT by enterprise worth.

In addition, the ownership in the combined business would gain from operational synergies, larger potential trading in VICI stock, more efficient expense of capital and additional liquidity as a substantially bigger business.

MGM stated it is working with third party financial and legal advisors and might make a definitive offer within 2 weeks assuming VICI comes to the table.

Blackstone to Acquire Vancouver-Based Pure Industrial REIT for C$ 3.8 Billion

Private Equity Company Agrees to Purchase PIRET, Simply a Few Weeks After Blackstone’s Jon Gray Rues Intense Competitors for Canadian Assets


This 278,400-square-foot circulation building in Hopewell Circulation Centre in Richmond, BC, becomes part of PIRET’s Canadian portfolio.

An affiliate of Blackstone Group LP has actually accepted get Pure Industrial Realty Trust (TSX: AAR.UN) (“PIRET”) in an all-cash deal valued at C$ 3.8 billion including financial obligation.

Under the purchase arrangement revealed today, Blackstone Residential or commercial property Partners, the private-equity giant’s core-plus property investment unit targeting mostly supported workplace, commercial, multifamily and retail assets, will acquire PIRET for $8.10 per unit, a 21% premium to its Jan. 8 closing price on the Toronto Stock Exchange.

PIRET’s unit rate was trading at C$ 8.12 in late-morning trading on Tuesday, up simply under 21% from its opening cost.

Vancouver-Based PIRET is among the largest publicly traded REITs in Canada, with commercial property properties across Canada and essential U.S. circulation and logistics markets. Late last month, the trust revealed that it will sell off older non-core homes such as 75-77 Fima Crescent in Toronto, a 53-year-old, 212,110-square-foot multi-tenanted warehouse, in order to acquire newer properties.

PIRET Board of Trustees Chairman Rick Turner, who also chaired the committee to monitor the Blackstone transaction and is recommending unitholder approval of the offer, noted that the trust has actually created a total return of more than 345% given that its August 2007 going public and “constructed a platform that has actually made us a leader in the Canadian commercial REIT space.”

In spite of strong fundamentals, Canadian industrial has actually looked reasonably undervalued globally, with companies trading near net property value compared to worldwide peers, which are trading at an average of 16% premium, inning accordance with a report last month by financial investment bank CIBC World Markets, Inc.

. Tyler Henritze, head of North America acquisitions for Blackstone Real Estate, said the acquisition is “an extension of our worldwide method to get high-quality logistics possessions in crucial city markets.” Henritze praised present management and stated he looks forward to interacting to even more build out the portfolio.

Just a couple of weeks ago, Blackstone global head of real estate Jonathan Gray told the Property Forum in Toronto that he’s bullish on Canada, particularly on the Vancouver, Toronto and Montreal markets. Low capitalization rates and a sufficient supply of capital contending for a reasonably limited quantity of item offered on the market, however, are making it a bit challenging to find anything to buy, Gray said.

The purchase price implies a 4.7% cap rate, and “at this point, our company believe the possibility of a greater deal is remote,” inning accordance with expert Michael Markidis of Desjardins Capital Markets.The transaction is anticipated to close in the second quarter, subject to unitholders, legal and regulative approvals under Canadian law. The contract permits the PIRET board to

accept an exceptional deal under particular circumstances, subject to a”best to match”and a C$ 77 million termination fee paid to Blackstone should the deal fail. If Blackstone backs out under particular situations, it’s required to pay PIRET a C$ 220 million break cost. BMO Capital Markets is functioning as financial advisor and Goodmans LLP is functioning as legal counsel to PIRET in connection with the deal. Greenhill & Co. supplied a fairness opinion to the unique committee and trustees on the deal. RBC Capital Markets and Citigroup are functioning as monetary advisors to Blackstone.

Osler, Hoskin & Harcourt LLP and Simpson Thacher & Bartlett LLP are serving as legal counsel to Blackstone.

Head of the Class: CPPIB, GIC and Scion Acquire 24 Trainee Housing Residence for $1.1 Billion

Deal Represents Second Purchase in Past 12 Months from Harrison Street Real Estate

Scion Student Communities, a trainee real estate investment group that includes the Canada Pension Plan Financial Investment Board (CPPIB), GIC and The Scion Group LLC, has gotten a U.S. student housing portfolio for $1.1 billion, or about $80,500/ bed.

The investment group is purchasing 22 properties from affiliates of Harrison Street Real Estate Capital. The deal also consists of the recapitalization of 2 student-housing neighborhoods previously owned by Scion-affiliated personal syndications.

Chicago-based Harrison Street Realty had actually assembled its 22 dorms in the portfolio over the past a number of years primarily through one-off transactions throughout five of its different mutual fund.

The entire portfolio includes 24 assets located in 20 different university markets across the country consisting of 13,666 beds. The portfolio consists of a mix of just recently established rental real estate along with some value-added properties, CPPIB said in announcing the deal.

“This is an engaging financial investment opportunity to efficiently develop even more scale in the United States trainee housing sector with a portfolio of premium, well-located homes in new and existing joint venture markets,” said Hilary Spann, handling director, head of Americas, real estate investments, CPPIB.

“Our company believe the nonreligious strength of the United States student housing sector will continue to provide appealing, risk-adjusted returns for the CPP Fund, and we eagerly anticipate continue growing the joint endeavor with GIC and Scion,” included Spann.

Scion president Robert Bronstein called the deal “especially strategic” given the joint endeavor was including six homes in markets in which it currently owns other trainee housing homes.

“This is consistent with our strategy to concentrate our financial investments in target audience by owning numerous properties with diverse item types and rental cost point alternatives,” Bronstein stated.

Since its creation in January 2016, the joint endeavor known as Scion Student Communities has finished over $4 billion of financial investments, mainly through 4 portfolio transactions, deploying $1.4 billion in equity capital. CPPIB and GIC each own a 45% interest in the newly acquired portfolio and Scion owns the staying 10%.

The joint venture’s nationwide portfolio now consists of 73 student housing neighborhoods in 52 top-tier university markets, making up 46,555 beds. The average efficient age of the portfolio is less than 5 years and over 70% of the assets are located within one mile of their respective schools.

This was the second student real estate portfolio in the previous year that Harrison Street has sold to the CPPIB/GIC/Scion joint endeavor. Last March, it sold 9 trainee real estate homes to Scion Trainee Communities for $465 million.

Harrison Street is still one of the largest private financiers in the student real estate market with over 73,000 beds throughout the U.S. and Europe. It also invests in medical office homes, senior housing neighborhoods and self-storage centers.

Christopher Merrill, co-founder, president and CEO of Harrison Street, said the portfolio sale reflects its method of acquiring single trainee housing assets or development opportunities located near large universities, increasing occupancy and packaging them for sale to other investors.

Peter Katz, executive handling director of Marcus & & Millichap’s IPA Student Real estate Department, served as a tactical specialist to Harrison Street on the transaction.

Independently today, Harrison Street obtained a portfolio of 25 medical office complex from Minnsepolis-based Investors Realty Trust (NYSE: IRET) for $367.7 million.

For IRET, the sale was a significant milestone as the final disposition in its goal to refocus as a multifamily business. It prepares to deploy proceeds from the MOB portfolio sale to get multifamily residential or commercial properties in the Twin Cities and Denver.

Penn National to Acquire Peak for $2.8 Billion in Largest Video Gaming Merger Given That 2013

Cash-and-Stock Offer Positions Penn National as Largest US Video Gaming Operator by Residences

Penn National Video Gaming, Inc. (Nasdaq: PENN)has consented to purchase smaller competitor Pinnacle Home entertainment, Inc. (Nasdaq: PNK) in a cash-and-stock transaction valued at $2.8 billion, in the largest U.S. gaming merger given that 2013.

Las Vegas-based Peak owns 16 casinos, mainly in the Midwest and South, including properties that entered into its portfolio after a 2013 offer to get Ameristar Gambling establishments for almost $3 billion. Penn National has 29 properties in states such as California, Ohio, Massachusetts, New Jersey and Nevada.

Penn National will enable Boyd Video gaming Corp. to buy four Pinnacle residential or commercial properties, including Belterra Gambling establishment Resort in Indiana; Belterra Park Gaming and Horse Racing in Cincinnati, OH; and residential or commercial properties in St. Charles and Kansas City, MO; for $575 million.

The transaction, subject to approval of the investors of both business and appropriate video gaming authorities and other regulative and traditional closing conditions, is anticipated to close in the 2nd half of 2018.

After the deal closes, Penn National will be the biggest U.S. gaming business based on homes, running 41 hotel and casino properties in 20 markets throughout The United States and Canada with roughly 53,500 slots, 1,300 tables, 8,300 hotel rooms and more than 35,000 employees.

Peak investors will receive $20 in cash and 0.42 shares of Penn National typical stock for each Pinnacle share, which suggests a total purchase cost of $32.47 per Peak share based on Penn National’s Dec. 15 closing price.

“The combined company will gain from enhanced scale, extra development chances and best-in-class operations, producing a more effective incorporated gaming business,” stated Timothy J. Wilmott, CEO of Penn National Gaming, in a declaration. “We will have the monetary and functional flexibility to further carry out on our strategic objectives, while maintaining our performance history of industry-leading earnings margins and generating significant cash flow to minimize leverage over time.”

Regardless of the fundamental advantages, however, Moody’s Investors Service on Tuesday put the scores of both business on review for downgrade following the announced acquisition pointing out concerns about the debt level of the combined business following the offer.

Moody’s said its evaluation will concentrate on Penn National’s determination and capability to decrease post-acquisition take advantage of and weigh this versus the beneficial longer-term credit benefits connected to increased size, diversity, and economies of scale as an outcome of the deal.

Keppel, KBS Forming New REIT to Acquire $800 Million U.S. Office Portfolio

Singapore-based Keppel Corp. has actually received approval to launch a brand-new REIT on the Singapore Exchange and has reached an offer for that REIT to get 11 U.S. office properties from Newport Beach, CA-based KBS Strategic Opportunity REIT, a nontraded REIT.

The homes have actually not been specifically identified nor has a last purchase price been set. However, KBS presently values the portfolio at $800 million with $400 million in arrearage, inning accordance with a KBS bondholder filing in Israel.

The preliminary portfolio will include workplace residential or commercial properties in markets consisting of Seattle, Houston and Denver, according to a Singapore filing by Keppel.

In those markets, KBS Strategic Opportunity REIT currently owns:

Bellevue Innovation Center– Bellevue, WA– 330,508 square feet– valued at $85.9 million;
1800 West Loop– Houston– 400,101– $73.6 million;
West Loop I & & II– Houston– 313,873– $41.4 million;
Westmoor Center– Westminster, CO– 612,890– $82.4 million;
Central Building– Seattle– 191,705– $35.4 million;
Westpark Portfolio– Redmond, WA– 778,472– $129.9 million; and
Plaza Structures– Bellevue– 490,994– $199.2 million.

KBS Strategic Chance REIT also owns workplace properties in Atlanta, Austin, Dallas, Folsom, CA, and Orlando.

After the Singapore deal, KBS Strategic Chance REIT expects to maintain a 9.5% ownership interest in the SREIT.

The SREIT will be externally handled by a joint venture in between KBS Capital co-founders Keith D. Hall and Peter McMillan III and Keppel Capital Holding. Keppel Capital has actually agreed to pay $27.5 million for its 50% share in Keppel-KBS US REIT Management Pte. Ltd., which will manage the new SREIT to be called Keppel-KBS United States REIT.

Keppel-KBS US REIT will have a financial investment technique of investing, directly or indirectly, in additional commercial residential or commercial properties in crucial growth markets of the United States

“With growing need by global financiers for U.S. realty financial investments in view of the continued steady and sustainable growth of the United States economy, this joint endeavor will offer Keppel with a tactical platform to broaden its geographical footprint in the United States market,” Keppel stated in its Singapore filing.

KBS Strategic Opportunity REIT expects to use most of the earnings from the transaction to acquire new residential or commercial properties. Last month, KBS Strategic Chance REIT acquired 125 John Carpenter Freeway, an office residential or commercial property including two office complex totaling 442,039 rentable square feet in Irving, TX for $83.4 million plus closing expenses.

The Singapore transaction undergoes a number of conditions, including the SREIT getting the essential capital, which might not be raised from U.S. financiers, to obtain the homes. Nevertheless, Keppel said the sale transaction is expected to be completed no later than Dec. 31, 2017.

Ameriprise Financial System to Acquire Houston-Based Lionstone Investments

Mix Strengthens UK-Centric Columbia Threadneedle’s Realty Capabilities in the US

Wanting to extend its realty investment abilities throughout the pond, London-based Columbia Threadneedle Investments today revealed that its privately owned investment manager, Columbia Management Investment Advisers, LLC in Boston, has actually agreed to obtain investment company Lionstone Partners, Ltd.

. Financial terms for the transaction were not revealed. Columbia Threadneedle Investments, formed in 2015 through the mix of Threadneedle Investments and Columbia Management Investment Advisers, is the international property management group of Minneapolis-based varied financial services provider Ameriprise Financial, Inc. (NYSE: AMP).

Columbia Threadneedle has more than 2,000 people, consisting of over 450 investment professionals, based worldwide. As of June 30, 2017, the company handled $473 billion of properties in equities, fixed earnings, property allowance and alternatives.

The Lionstone acquisition will expand Columbia Threadneedle’s offerings across the alternatives property management and include abilities in U.S. property, which is attracting increasing allocations from both institutional and retail investors all over the world, complementing Columbia’s $10.5 billion UK property service and additional improving its multi-asset abilities.

Lionstone Investments, likewise known as Lionstone Partners, was established in 2001 by investors Tom Bacon, Glenn Lowenstein, and Dan Dubrowski and focuses on analytics-driven investment techniques. The company, which managed about $6 billion in possessions as of June 30, 2017, will benefit from access to Columbia Threadneedle’s wider asset and client base and research study capabilities, not to mention the financial strength of Ameriprise Financial, which has more than $800 billion in possessions under management or administration as of second-quarter 2016.

Lionstone’s U.S. CRE investments are concentrated in cities it thinks are best positioned for outsized need and rental development. The business, which counts a number of leading business and public pension among its crucial customers, has purchased several prominent home deals this year, including the $182 million purchase in April of 271 17th St., a prize workplace anchored by BB&T in Midtown Manhattan’s Atlantic Station.

Lionstone likewise previously this year integrated with Dallas-based Crescent Realty and Goldman Sachs Possession Management to acquire a 21-property combined portfolio of structures totaling about 860,000 square feet and development sites in Flatiron Park in Stone, CO, for a reported $170 million.

Blackstone To Acquire Display room Area Owner International Market Centers

Funds handled by Blackstone Property Partners and Blackstone Tactical Opportunities agreed to obtain International Market Centers Inc., among the world’s biggest owner and operators of showroom space for the home furnishings, house design and gift industries.

Fireside Investments is likewise anticipated to partner with Blackstone in the acquisition from Bain Capital Private Equity and funds handled by Oaktree Capital Management.

Financial regards to the transaction have actually not been revealed.

International Market Centers, owns 12.2 million square feet of exhibit area across 14 buildings in High Point, NC, and three structures and 3 exhibit structures in Las Vegas.

“This marks an interesting time for International Market Centers,” stated Robert Maricich, CEO of IMC. “While Bain Capital and Oaktree have actually been excellent partners for the previous six years, we eagerly anticipate this new relationship and our next stage of growth.”

“By leveraging the scale of Blackstone’s platform and know-how in real estate investing, we anticipate partnering with IMC to help drive the business’s ongoing development in the years ahead,” stated Tyler Henritze, a senior handling director in Blackstone’s Realty group.

Last November, International Market Centers offered $610 million in commercial mortgage-backed securities to re-finance its senior protected financial obligation and revolving credit facility. The loan was secured by IMC’s fee and leasehold interests in 17 display room properties in 2 states, totaling 9.5 million square feet.

That part of the portfolio had actually an appraised value of $1.165 billion or about $123/square foot. If that assessment were applied to International Market Centers entire portfolio, the real estate value of today’s offer would equate to about $1.5 billion.

The CMBS loan was underwritten based upon $194 million in annual earnings and $97.86 million in net operating income.

IMC’s property is primarily utilized just twice a year to host furniture mart exhibition in Las Vegas in January and July, and in High Point in April and October. For the rest of the year, the homes function as warehouses for furnishings companies.

Allen & & Business LLC and Kirkland & & Ellis LLP acted as advisors to International Market Centers, Bain Capital and Oaktree. Simpson Thacher & & Bartlett LLP served as advisors to Blackstone and Fireside.

Walgreens Ends Quote to Acquire Rite Aid, Will Rather Buy 2,186 Stores for $5.2 Billion

PLAN B: Walgreens Opts to Obtain, Rebrand Rite Help Stores Outright After Combination Fails to Win Regulatory Approval

Walgreens Boots Alliance Inc. officially ended its offer to combine with Rite Aid Corp. and instead will pay just under $5.18 billion to buy 2,186 of the rival pharmacy chain’s stores.

The ditching of the merger following months of speculation about whether the Federal Trade Commission would try to obstruct the offer, most just recently estimated to be worth $12.4 billion to $13.4 billion.

The relocation likewise scuttles an associated transaction to sell specific Rite Aid shops to Fred’s Inc. in order to assist win antitrust approval.

This brand-new contract changes the previous merger with Rite Aid which was revealed in October 2015. The chains amended the handle January to divest specific Rite Help shops to the Memphis, TN-based Fred’s, Inc. drug store chain.

In a statement, Rite Help stated the decision to end the merger follows feedback gotten from the FTC that “led the company to believe that the parties would not have actually gotten FTC clearance to practiced the merger.”

Walgreens (Nasdaq: WBA) will pay Rite Aid a $325 million termination charge for ending the merger arrangement. Fred’s will receive $25 million as reimbursement for expenses connected with the transaction.

Putting his finest spin on exactly what he called a “frustrating outcome,” Fred’s Inc. CEO Michael K. Flower stated the termination would have no influence on the business’s “change method” or capability to execute.

“While the acquisition of additional shops was an opportunity for development, we always viewed it as a potential result that would accelerate our transformation, not define it,” Flower stated in a declaration today.

After the new deal closes in about 6 months, Walgreens will start obtaining the shops and related assets, with strategies to transform most to the Walgreens brand.

Walgreens anticipates the brand-new deal to be modestly accretive to adjusted diluted net profits per share in the very first complete year after the initial closing and anticipates to recognize more than $400 million in cost savings within three to 4 years, primarily from procurement, expense savings and other functional concerns.

In a statement released early Thursday, Walgreens Boots Alliance Executive Vice Chairman and CEO Stefano Pessina said the brand-new transaction, “will allow us to expand and enhance our retail pharmacy network in essential markets in the United States, including the Northeast, and provide consumers and clients with higher access to practical, affordable care.

“We believe this new deal addresses competitive concerns previously raised with respect to the prior deal,” he added.

Digital Real estate to Acquire DuPont Fabros in $7.6 Billion Data Center Merger

Mix of 2 Significant Players in Stock Deal Broadens Digital Realty’s Data Center Holdings in Crucial DC, Chicago and Silicon Valley Metros

In a hit merger of 2 leading players in the increasingly competitive data center sector, Digital Realty (NYSE: DLR )has actually accepted purchase DuPont Fabros (NYSE: DFT) in a deal valued at $7.6 billion including debt.Shareholders of Washington, DC-based DuPont Fabros will receive simply over half a Digital Real estate share per DuPont Fabros share in a stock offer totaling$4.95 billion and valuing DuPont’s shares at about 15%above its Thursday’s closing price. Digital Real estate will also handle $1.6 billion in debt.Private equity and institutional capital is taking on traditional data center property financiers for the best homes, helping drive the latest M&A activity in the sector. The growing proliferation of ever-stronger mobile devices and increasing levels of streaming content continue to drive demand for higher bandwidth leading to robust net occupancy gains across major U.S. data center markets in 2016 that almost matched the record-highs of 2015. In the most recent deal, Digital Realty will contribute to its existing footprint in three crucial markets: Northern Virginia, Chicago and Silicon Valley. The offer will likewise broaden San Francisco-based DLR’s existence in the crucial”hyper-scale “market, which focuses on moving business customers’ IT and information storage functions into so-called ‘cloud’and cloud-hybrid systems.The deal also includes a considerable development play. DuPont Fabros presently has six data center projects under construction in Ashburn, VA; Chicago, Santa Clara, CA and Toronto which are 48 %pre-leased with a total project financial investment of around $750 million. The brand-new centers are all located in markets where Digital Real estate has an existence, and are slated for completion over the next year. The brand-new centers have the ability

of expanding the load capability of DuPont’s platform by more than 25%. DuPont Fabros likewise owns additional land in Ashburn and Oregon which will support the future shipment of facilities generating up to 163 megawatts of capability, together with 56 acres it recently got in Phoenix.

Ivanhoe Cambridge, Callahan Capital Acquire Manhattan'' s 85 Broad St. in Newest Workplace Buy

Montreal-based Ivanhoé Cambridge, Inc. and its financial investment partner, Callahan Capital Residence (CCP), have actually obtained the 30-story, 1.12 million-square-foot 85 Broad St. in New York City for approximately $650 million, or about $580 per square foot, from a joint-venture between MetLife Real Estate and Beacon Capital Partners.

MetLife previously owned the tower before inducing Beacon in a $175 million, 50/50 recapitalization of the workplace tower in November 2014, according to CoStar information. At the time, the structure was simply 45 percent leased after Goldman Sachs left its area in the structure in 2010.

See CoStar COMPS # 3166647.

The workplace tower was integrated in 1983 in downtown Manhattan’s financial district, in between S. William and Pearl Streets.

A recent capital improvement program at the residential or commercial property concentrated on raising existing building amenities and adding tenant services consisting of a bike room, wellness center, conferencing facilities and new food offerings. Following the improvements, shared office company WeWork rented 235,000 square feet there, and today the asset is nearly 88 percent rented to such tenants as Oppenheimer & & Co., The Nielsen Company and VOX Media. Numerous full-floor accessibilities listed by Newmark Grubb Knight Frank provide to 76,814 square feet of adjoining space.

Eastdil Protected brokered the sale on behalf of the sellers.

“This acquisition expands our footprint and brings our New york city office portfolio to more than 6.7 million square feet,” stated Arthur Lloyd, president, office, North America, Ivanhoé Cambridge, the realty subsidiary of Caisse de dépôt et placement du Québec.

Ivanhoé Cambridge chose Callahan Capital Residence in 2012 to become its special consultant in broadening its United States workplace real estate portfolio. To date, CCP has helped Ivanhoé Cambridge in expanding its office financial investments in five significant US markets; Chicago, Denver, Los Angeles, New york city and Seattle.

“We believe downtown uses incredible long-term growth possible offered the enormous public and private investment that continues to bring in a broad variety of companies and citizens,” included Tim Callahan, ceo of CCP on his company’s venture into the downtown Manhattan office market. Prior to establishing CCP in 2006, Callahan was CEO of previous national office REIT Trizec Characteristic, Inc.

. The acquisition of 85 Broad Street is the 2nd significant workplace home Ivanhoé Cambridge and CCP have acquired up until now this month. Earlier in May they closed on the $145 million acquisition of 125 South Wacker Drive in downtown Chicago.

Please see CoStar COMPS # 3915769 for additional info on this transaction.