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Jones Lang unit to sell San Francisco property for $227M

Jones Lang LaSalle Income Property Trust Inc. subsidiary, CEP Investors XII LLC, agreed to sell 111 Sutter St. in San Francisco to Paramount Group Inc.'s Paramount Group Acquisition and Development LLC for roughly $227 million, in a deal expected to close in the first quarter of 2019.

In connection, the approximately $52.5 million mortgage loan associated with the property will be retired.

Separately, the diversified real estate investment trust successfully closed on the expansion and extension of a $400 million credit facility. The facility revolver and term loans have been extended by one year, and the size of the revolver boosted to $300 million from $200 million with the addition of a new lender, US Bank.

The facility contains an accordion feature that can boost the facility size up to a total of $650 million, bearing interest at the London interbank offered rate plus 1.25% to 2.00%.

US Bank joins the facility which was closed with a syndicate of six market-leading real estate lenders led by JPMorgan Chase Bank NA as sole book runner, joint lead arranger and administrative agent, and includes Bank of America NA and PNC Bank NA as co-syndication agents and Merrill Lynch Pierce Fenner & Smith Inc. and PNC Bank NA as joint lead arrangers. Wells Fargo Bank NA, Fifth Third Bank and BMO Harris Bank NA are also participating in the facility.