America's Capital Partners, which recapitalized a 1.9 million-sf South Florida office portfolio in May, may shop some of the properties in the coming months

Real Estate Alert, July 7, 2004

America's Capital Partners, which recapitalized a 1.9 million-sf South Florida office portfolio in May, may shop some of the properties in the coming months. Brokers familiar with the 19 assets in the core-plus portfolio said the offerings could come as soon as the fourth quarter. The recapitalization saw an unidentified institutional client of CB Richard Ellis Investors purchase a roughly 89% stake in the portfolio from Lehman Brothers for some $185 million.

The deal placed the portfolio's value at $208.2 million. It isn't known whether America's Capital's previous stake changed as a result. America's Capital is planning additional purchases via the joint venture.