Wednesday, February 29, 2012

Lincoln Property Company Southeast Inks Slew of Leases at PerimeterOffice Complex in Atlanta

ATLANTA, GA (Feb. 29, 2012) – Lincoln Property Company Southeast recently brokered seven leases totaling nearly 27,000 square feet at Eleven Seventeen Perimeter (top left photo), located in the Perimeter submarket of Atlanta.

The transactions closed in fourth-quarter 2011, and Leigh Braswell (middle right photo) and David Danhof (middle left photo), both vice presidents of Lincoln, represented the landlord in each deal.
In the biggest transaction, Hospice Preferred Choice leased 8,686 square feet in the building. John Thornton of CB Richard Ellis represented the tenant.

In the other deals:

• TekStream, represented by Patrick Braswell of Scotland Wright Associates, leased 5,929 square feet.

• York Claims, represented by Todd Smith of The Acclaim Group, leased 3,485 square feet.

• Pathbuilders, represented by Jud Bass of Bass Commercial, leased 3,210 square feet.

• BF Benefits leased 1,937 square feet. No agent represented the tenant.

• GPD Group, represented by Taylor Smith of Lee & Associates, leased 1,933 square feet.

• Compass Supply LLC, represented by Adam Richards of Resource, leased 1,632 square feet.
“We are tremendously pleased by the amount of activity at Eleven Seventeen Perimeter,” said Tony Bartlett (lower right photo), senior vice president of Lincoln Property Company Southeast. “Leigh and David continue to bring our client outstanding value in their leasing efforts.”

Stephen Ursery
Wilbert News Strategies

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Lincoln Property Company Southeast Brokers Gilbert RV Insurance’s Lease Renewal in Orlando, FL

ORLANDO, FL (Feb. 29, 2012) – Lincoln Property Company Southeast has brokered Gilbert RV Insurance’s five-year renewal of an 8,525-square-foot lease at Global Business Center (top left photo) in Orlando, Fla.

Jay Dixon (lower right photo), vice president of Lincoln’s Office Group, represented the landlord and was the only agent involved in the transaction.

Global Business Center is located near the Orlando International Airport, as well as hotels and restaurants. The center features four parking slots for every 1,000 square feet of space.

“We are proud of efforts in making Global Business Center a top-notch office/flex facility,” Dixon said. “Gilbert’s renewal is a great example of our ability to bring value to our clients.”

Stephen Ursery
Wilbert News Strategies
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Beech Street Capital Provides $9.5 Million Fannie Mae Loan to Acquire Miami, FL Aparrtments

 BETHESDA, MD – Beech Street Capital, LLC announced it has provided a $9.5 million Fannie Mae conventional loan for the acquisition of Oak Grove Apartments (top left photo), a 369-unit apartment complex located in Miami, Florida.

The transaction was originated by David Hayum of Meridian Capital Group, LLC, and was financed by Beech Street Capital as part of its correspondent relationship with Meridian. 

Beech Street was able to satisfy the borrower’s request of a short sale acquisition with great efficiency.  The company completed the underwriting package and was positioned to rate lock prior to the 15 day due diligence period after approval from the special servicer, a requirement of a short sale acquisition. 

“The entire process was incredibly smooth,” comments Mose Popack, one of the key principals on the deal. 

 “It would have been great for a savings bank and is remarkable for an agency loan.”  Hayman adds, “Beech Street was also able to provide the borrower with their revised request loan term of five years at the original application amount of $9.5 million versus a 10-year loan term.”

Over the past four years, the property has undergone over $2 million in capital improvements and the current borrower plans to make renovations to units upon turnover.

Located in North Miami, the property is surrounded by a public park with recreational activities, multifamily properties and other neighborhood serving retail and services. Common amenities include an on-site leasing office, gated access, three swimming pools, barbeque / picnic area, and 24-hour emergency maintenance.

 The fixed-rate loan has a term of five years with 4.5 years of yield maintenance, 30-year amortization, and actual/360 interest accrual.

Jenifer Bernardi