NorthStar Income II to Invest in $126.7 Million WA Office Property

NorthStar Real Estate Income II Inc., a publicly registered non-traded real estate investment trust, entered into an agreement with Teachers Insurance and Annuity Association of America to purchase a Class B+ office and flex business center and an adjacent Class A office building in the Seattle suburb of Bothell, Washington for $126.7 million, plus closing costs.

The office buildings total 717,702 square feet and are 73 percent leased to 70 tenants with a remaining weighted average lease term of 4.2 years. NorthStar Income II anticipates closing the acquisition through a joint venture with an unaffiliated third party, in which NorthStar Income II will own a 95 percent interest.

NorthStar Income II expects to fund its portion of the purchase price using a combination of proceeds from its ongoing initial public offering and debt financing obtained from an unaffiliated third-party lender. On July 24, 2015, NorthStar Income II’s pro rata share of a $4 million deposit toward the purchase of the properties became non-refundable, subject to customary closing conditions.

The DI Wire recently reported that NorthStar Real Estate Income II’s investment portfolio has reached more than $1.0 billion in total assets. To read more, click here.

NorthStar Income II is a publicly registered, non-traded real estate investment trust sponsored by NorthStar Asset Management Group Inc. that was formed to originate, acquire and asset manage a diversified portfolio of commercial real estate debt, select equity and securities investments.

For more NorthStar related news, visit their Directory Listing here.