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Douglas Emmett acquires Calif. office property for $144M

Douglas Emmett Inc. purchased a 146,300-square-foot, class A office property at 9401 Wilshire Boulevard in Beverly Hills, Calif., for $143.6 million.

To fund the acquisition, Douglas Emmett assumed a $32.3 million amortizing term loan with a 4.55% interest rate, which matures June 1, 2038. The company also used cash and issued 2.6 million units in its operating partnership to the seller, worth $40.60 per common share, to fund the remaining balance.

In a separate transaction, a Douglas Emmett consolidated joint venture took out a nonrecourse $400 million interest-only loan that matures in December 2024, the company said.

The loan, which is secured by five office properties owned by the joint venture, bears interest at the London Interbank Offered Rate plus 1.30%, and the rate is fixed at 3.47% per annum through Dec. 2022 using an interest rate swap.

Douglas Emmett plans to use the loan to retire its existing $365.5 million joint venture loan due July 2019.