Home Alts News Black Creek Fund Sells Two Properties, Repays $75 Million Mortgage Note

Black Creek Fund Sells Two Properties, Repays $75 Million Mortgage Note

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Black Creek Diversified Property Fund Inc., a daily NAV REIT formerly known as Dividend Capital Diversified Property Fund, has sold two properties for a combined $174.5 million and paid off a $75 million mortgage note secured by one of the properties.

The company sold its Jay Street office property located in Silicon Valley, California to an unrelated third party for $44.9 million. The 143,000-square-foot property was originally purchased in June 2006 for approximately $35.8 million. Constructed in 1999, Jay Street was 100 percent leased as of September 30, 2017.

Black Creek Diversified Property Fund also sold Centerton Square, a 426,000-square-foot retail property in Philadelphia, Pennsylvania, for approximately $129.6 million. The property was originally purchased in May 2007 for approximately $100.5 million. The proceeds of the sale were used to repay a $75 million mortgage note secured by the property.

In other company news, the REIT’s board recently appointed Gary Reiff to serve as the company’s managing director, chief administrative and compliance officer.

Black Creek Diversified Property Fund, based in Denver, Colorado, invests in a portfolio of commercial real estate assets. The company’s original offering went effective in January 2006 and has raised more than $2.4 billion in investor equity through multiple follow-on offerings. The company owned 51 properties with an investment cost of approximately $2.1 billion, as of October 26, 2017.

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