REIT Hit With Contract Suit Over Loan In $136M Deal

Law360, Los Angeles (January 2, 2014, 7:36 PM EST) -- EJM Kyrene Property LLC hit KTR Property Trust I and others with a breach of contract suit in Arizona federal court on Tuesday, claiming KTR delayed a property purchase — part of a $136 million deal — and then bought EJM’s loan and demanded sums it was not owed.

EJM says it agreed in December 2010 to sell 15 industrial properties for $136 million, including five buildings located on S. Kyrene Road in Arizona commonly called the Kyrene Commerceplex for $19 million, but that KTR, a...
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