Friday, September 25, 2009
AUBURN, Wash., Sept. 24, 2009 – Marcus & Millichap Capital Corporation (MMCC) has arranged a $6 million, 10-year fixed-rate loan to refinance the Auburn Center, (top right photo) a 45,402-square foot neighborhood retail center located in Auburn.
Glenn Gioseffi, a director in the firm’s Seattle office, arranged the financing package for the center.
“Refinancing to long-term 10-year money is currently a trend we are seeing,” remarks Gioseffi. “For this loan, we were able to source a local lender. The borrower placed a deposit with the lender and received a below market-value interest rate.”
The refinancing package for Auburn Center was provided by a local bank. The loan-to-value is 50 percent and the term is 30 years. The Auburn Center was built in 1991.
Press Contact: Stacey Corso, Marcus & Millichap Capital Corporation, (925) 953-1716
Gables Residential signed a 10-year lease for about 21,000 square feet in the building at 3399 Peachtree Road, said Dean Giordano, senior vice president for PM Realty Group. Billy Hobbs and Jason Jones with CRESA Partners represented Gables Residential.
Gables will relocate from its current headquarters in Overlook III, an office tower atop Mt. Wilkinson in Vinings. Gables, which owns, develops and manages luxury apartment communities, chose The Lenox Building because of its convenient amenity base and convenient access to MARTA and Ga. 400.
“As a company that prides itself on offering inviting places to live with extraordinary services, we look for similar attributes in a new headquarters,” said Fitch. “We found these in The Lenox Building.”
The Lenox Building is a 20-story, 350,000-square-foot Class A office tower in Atlanta’s Buckhead submarket. The tower, owned by one of ING Clarion’s separate account pension fund clients, is connected to the Lenox Square Mall (bottom right photo) and the JW Marriott hotel.
The addition of a tenant of Gables Residential stature fortifies The Lenox Building’s reputation as an ideal location for corporate headquarters, said Giordano, who represents ING Clarion.
“The Lenox Building has a history of being home to headquarters of Atlanta companies,” Giordano said. “The owner is pleased to have a company such as Gables Residential added to the tenant roster at The Lenox Building.”
Gables Residential is a private REIT that owns 72 apartment communities with 18,000 units, and manages more than 20,000 apartment homes for third party owners.
Media Contact: Tony Wilbert, Wilbert News Strategies LLC, 404-888-3091 office/404-405-3656 cell
Downtown Office Tower Offers Largest Space in Submarket
ATLANTA, GA (Sept. 25, 2009)—Carter, one of the country’s leading full-service commercial real estate firm since 1958, has been hired to market Atlanta Center for lease or sale.
Westmont Hospitality Group, owner of Atlanta Center, a 20-story, 362,340-square-foot office tower at 250 Piedmont Ave., selected the Carter’s Project Leasing Team of Senior Vice President Mike Shelly and Senior Associate Sonia Winfield to lease the building. Carter Senior Vice President Gary Lee and Vice President Andrew Murphy simultaneously will market the building for sale.
Atlanta Center is net-leased to SunTrust Banks Inc. through year end 2010. Carter will begin searching in earnest for replacement tenants at the beginning of next year. Carter currently is developing a strategy to attract tenants to the tower in Atlanta’s Downtown submarket.