X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Read more on the debt and equity markets.)

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.