MEPT Announces the Acquisition of Three High-Quality Assets for a Total of
WASHINGTON, Nov. 16, 2012
WASHINGTON, Nov.16, 2012 /PRNewswire/ --Multi-Employer Property Trust (MEPT)
(www.mept.com) and its real estate advisor, Bentall Kennedy, are pleased to
announce the Fund's recent purchase of three institutional-quality assets in
Boston, Denver and Philadelphia for a total investment of $192 million. These
transactions closed in the past three months.
"On behalf of MEPT, we have sought to acquire well-leased, well-located assets
in major markets across the U.S. and these three assets fit well with the
investment strategy," noted David Antonelli, Executive Vice President and MEPT
Portfolio Manager at Bentall Kennedy, real estate advisor to MEPT. "Since
2009, the Fund has acquired existing assets and made commitments to
development projects totaling more than $2.1 billion in investment in order to
achieve strategic goals of diversifying the portfolio and increasing MEPT's
presence in major U.S. cities."
In November, MEPT, a $5.6 billion open-end commingled real estate equity fund,
purchased The Metro, a 415-unit multi-family property in Denver for $90.8
million on an all cash basis from CBRE Capital Advisors. The acquisition of
The Metro increases MEPT's ownership to over 9,000 apartment units across the
U.S. The 93% leased, 5.6-acre property is located in the LoDo neighborhood,
with proximity to major employers in the city center, the Union Station light
rail, commuter rail and bus transit hub, abundance of nightlife, and a wide
variety of recreational opportunities. Additionally, The Metro offers
residents a recently-updated club room, a business center, fitness center and
655 parking spaces –amenities that appeal to the Echo Boom demographic (the
19-34 year olds entering the workforce) in the area. All units have nine-foot
ceilings, covered patios and balconies, walk-in closets, and designer
cabinetry. In order to make the property even more appealing to prospective
residents, MEPT has planned a capital renovation program that will include
upgrades to common areas and enhanced unit finishes. Bentall Kennedy plans to
identify efficiency gains and research the feasibility of adding sustainable
features to the property.
MEPT purchased 1150 Commerce Boulevard in the Southern New Jersey –
Philadelphia metro market for $36.1 million, on an all cash basis in early
November. The property, a 599,500 square foot bulk industrial building
situated on a 60.4 acre lot, is fully-leased to Kimberly-Clark Corporation.
The property is located in LogistiCenter at Logan, a 1,000-acre bulk
distribution park in Logan Township, NJ which has proximity to Interstates 295
and 95 as well as the New Jersey Turnpike. Built in 2009, the USGBC^® LEED^®
Silver-certified building is the newest facility in LogistiCenter, has
state-of-the-art construction and features, and is expandable by approximately
192,500 rentable square feet. The property's highly functional and flexible
specifications include cross-dock configuration with full circulation, 32'
clear height, expansive column spacing, and ample loading with best-in-class
dock packages. CBRE's National Partners represented the seller.
MEPT acquired the Woburn Mall in the Boston market in September for $62.6
million from KGI. While MEPT has invested in the Boston area for over 20
years, the purchase of the Woburn Mall is MEPT's first retail investment in
the Boston metropolitan area. The Woburn Mall, a 276,205 square-foot retail
center originally built in 1976, and most recently renovated in 2006, is
approximately 90% leased to a desirable tenant mix of necessity-based and
discount retailers, complemented by grocery and specialty shops. The property
has a prime location, with easy access and high visibility to both Interstates
95 and 93. The center draws shoppers from nearby high-density residential
neighborhoods, as well as the large population of more than 65,000 office
workers in a three-mile radius. On behalf of MEPT, Bentall Kennedy will be
evaluating opportunities to improve both the interior and exterior of the
mall. Boston-based Novaya Ventures assisted in the acquisition effort and will
continue to play a role in day-to-day operations.
"We are pleased with our transaction activity to-date for MEPT. These assets
are well-leased and generating stable income and at the same time, offer the
opportunity for the Fund to make improvements or expansions as tenant demand
warrants," stated Paul Boneham, Executive Vice President, Head of U.S.
Transactions, Bentall Kennedy. "For MEPT, we will continue to focus on
acquiring multi-family assets in urban markets serving the Echo-Boom
generation, grocery-anchored retail centers in established neighborhoods,
well-leased, modern distribution facilities, and high-quality CBD office
Multi-Employer Property Trust (MEPT) is a $5.6 billion, open-end commingled
real estate equity fund that invests in a diversified portfolio of
institutional-quality real estate assets in 30 major metropolitan markets
across the U.S. Founded in 1982, MEPT is owned by more than 350
multi-employer, public employee and corporate pension plans. MEPT is
recognized as a pioneer in Responsible Property Investing (RPI) and is one of
the largest U.S. real estate funds that is signatory to the UN Principals for
Responsible Investment (UN PRI) and the top-ranked diversified fund in the
U.S. for sustainability and environmental performance by the Global Real
Estate Sustainability Benchmark (GRESB). Please visit www.mept.com to learn
MEPT is managed by NewTower Company which serves as trustee, fiduciary and
investment manager. Bentall Kennedy (U.S.) Limited Partnership (Bentall
Kennedy) serves as the real estate investment advisor. Landon Butler &
Company, LP^® provides investor relations services.
About Bentall Kennedy
Bentall Kennedy is one of North America's largest real estate investment
advisors and one of its foremost providers of real estate services. Bentall
Kennedy serves the interests of more than 500 clients across 140 million
square feet of office, retail, industrial, residential and hotel properties
totaling $29.4 billion throughout North America. Bentall Kennedy has a
100-year track record of delivering superior returns and a reputation for
integrity, innovation and creating value. Bentall Kennedy is a member of UN
PRI and is a recognized global leader in Responsible Property Investing.
Bentall Kennedy includes Bentall Kennedy (Canada) Limited Partnership and
Bentall Kennedy (U.S.) Limited Partnership. For more information, please visit
Pamela Silberman, SVP, Landon Butler & Company, MEPT Investor Relations/Media
Forward looking statements are subject to change due to market conditions or
investment strategy execution, and past performance is not indicative of
future results. Any assumptions should not be construed to be indicative of
the actual events that will occur.
SOURCE Multi-Employer Property Trust
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