Wednesday, May 24, 2006

WSJ Real Estate
Today's (May 24, 2006) Wall Street Journal had several interesting articles in its Property Report (starting on page B4). Its Blueprint market today is Columbus, Ohio. The article states that Columbus is gaining traction and showing signs of improvement. This encouraging report shows the prescience of Cabot Investment, the TIC sponsor, who had the fortitude to invest in Columbus near its bottom in 2004.

In its Plots & Ploys section it mentions a TIC transaction sponsored by Triple Net Properties. It is a 205,000 square foot medical property 100% leased for ten years to the AA-rated Mayo Clinic. The article states that the cap rate was 6.2% - which I bet is not the Syndicated Acquisition Price cap rate. The interesting point is that the property was sold to the TIC investors by WP Carey. I wonder what return the WP Carey investors received?

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