Property-Hungry Fund Nabs 2 DC Malls For $123M

Law360, New York (October 27, 2011, 6:29 PM EDT) -- Multi-Employer Property Trust, the real estate fund that closed the biggest single-building sale in New Jersey history last week, continued its buying streak with a $123 million purchase of two Washington-area shopping centers from different investors, the company said Thursday.

The two suburban properties, which total 524,000 square feet, have lease rates over 95 percent and include bargain-shopper destinations like Party City and Burlington Coat Factory, MEPT said. Both are anchored by grocery stores — a feature of many of MEPT's retail buys and a strong...
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