MEMPHIS-Santa Ana, CA-based Triple Net Properties has acquired a portfolio of four office buildings in the Lenox office park with $61 million in financing. The financing, structured by Buchanan Street Partners, includes $47.8 million in debt and $13.2 million in joint venture equity. The transaction is the company's third with Triple Net Properties.
Buchanan Street Partners completed the debt transaction in 35 days. The $47.8-million capital stack included high leverage senior and mezzanine financing for a very low blended cost of capital. The company also raised and closed the equity portion in a four-week time frame.
"The sponsor saw the opportunity to acquire class A buildings with below market rents," says Buchanan Street Partners managing partner Thomas Sherlock. "The strong credit tenancy in the buildings and a quickly improving Memphis market were some of the strengths of the deal, but it was a very time sensitive assignment."
Lenox Park is a seven-building, 683,000-sf office park developed on 72 acres near Highway 385 and Interstate 240 by locally based Clark & Clark.
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