BofA Hands Off Property To Principal Real Estate

Law360, New York (October 17, 2011, 7:25 PM EDT) -- Principal Real Estate Investors, one of the country's largest institutional real estate managers, announced on Monday that it had bought from Bank of America Corp. an 89,000-square-foot mixed-use building in Portland, Ore., that boasts a Whole Foods and 53 luxury apartments.

The Beverly, located in Portland's gentrifying northeast quadrant, bolsters the company's portfolio of green buildings, which account for about a quarter of its $16.5 billion in brick-and-mortar assets.

Terms of the deal were not immediately disclosed. A spokesman for Principal Real Estate Investors declined to...
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