Monday, September 26, 2011

MIM Hayden Real Estate Fund Acquires Distressed Asset in REO Sale

"MIM-Hayden Real Estate Fund has closed on 955 Mearns Road in Warminister, PA from J.E. Robert Companies, special servicer for Bank of America Corp. The subject property was acquired out of foreclosure for $11.2 million, or about $37 per square foot.

The 305,000-square-foot, single-story flex building sits on more than 28 acres. It was built in 1962 and renovated in 2002. The building houses quite a few credit-worthy tenants with long term leases, including S&P Industries which renewed its 82,000-square-foot lease this month."

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