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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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Cushman & Wakefield Sonnenblick Goldman Arranges
$25.2 Million Sale of Two Roswell, Ga. Office Buildings
$280-Per-Square-Foot Sale is One of the Highest Prices Paid in Atlanta Area
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Tuesday, January 15, 2008
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New York, NY
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Cushman & Wakefield Sonnenblick Goldman, serving as the exclusive advisor to Rubicon Investments, LLC., has arranged the $25.2 million sale of 1544 Old Alabama Rd. and 900 Holcomb Woods Parkway in Roswell, Ga., to affiliates of Net Lease Capital Advisors. At $280 per square foot, the sale represents one of the highest prices ever paid in the Atlanta area.
The two adjacent office buildings, totaling 90,000 rentable square feet, are net-leased to MR Default Processing, an offshoot of prominent law firm McCalla, Raymer, Padrick, Cobb, Nichols & Clark, LLC., which was created to handle foreclosure processing on residential properties. The tenant has 15 years remaining on its lease.
“The buyer liked the tenant use, which was likely to thrive in the event of a real estate downturn,” said Dave Karson, managing director of Cushman & Wakefield Sonnenblick Goldman. “In the event that property values remain strong, the buyer was comfortable with the real estate. It was a natural hedge.”
The property carries assumable, 10-year financing with a structured amortization that sweeps all free cash flow, creating a zero cash flow structure.
“Having in-place debt financing is a big benefit in today’s market,” said Kate Pelet, director of Cushman & Wakefield Sonnenblick Goldman. “The financing here, which we arranged, was a very attractive feature for this buyer.”
Located 10 miles north of Atlanta, Roswell is an upscale, vibrant community that has experienced significant growth, declining vacancy and rising rental rates over the recent years.
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About Cushman & Wakefield Sonnenblick Goldman
Cushman & Wakefield Sonnenblick Goldman is the industry’s leading independent real estate investment banking firm. The firm was founded as Sonnenblick Goldman in 1893 and it merged with Cushman & Wakefield in 2007. Cushman & Wakefield Sonnenblick Goldman provides a full range of real estate financial services, including debt and equity placements, joint ventures, hospitality investment sales and workout advisory services, and it collaborates world-wide with other divisions of Cushman & Wakefield. Further information can be found at the firm’s website at www.cushwake.com/sonngold.
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