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Oaktree Real Estate Income JV pays $93.2M for Arlington, Va., office property

Oaktree Real Estate Income Trust Inc., through a joint venture with Hines Interests LP, purchased the Two Liberty Center office property in the Ballston neighborhood of Arlington, Va., for $93.2 million, excluding closing costs.

The 179,000-square-foot class A office asset, which was 95% occupied by 16 tenants as of Aug. 20, generated an annual base rent of about $6.5 million as of June 30.

The buyers expect the property to capitalize on the expected improved amenities and greater tenant demand amid Amazon.com Inc.'s arrival in Arlington for its second headquarters.

The joint venture funded the acquisition using $62.0 million of property-level debt from Bank of America Merrill Lynch and equity of $33.5 million from the partners, comprising $32.3 million by Oaktree and $1.2 million by Hines.

Oaktree also amended its promissory note with Oaktree Fund GP I LP to reduce the annual interest rate on a $150 million line of credit to the London interbank offered rate plus 2.50% from Libor plus 3.25%.