C&W completes $25.2m sale to Net Lease Cap. Advisors

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, to affiliates of Net Lease Capital Advisors. At $280 per s/f, the sale represents one of the highest prices ever paid in the Atlanta area. The two adjacent office buildings, totaling 90,000 rentable s/f, 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. The property carries assumable, 10-year financing with a structured amortization. "Having in-place debt financing is a big benefit in today's market," said Kate Pelet, director of C& W Sonnenblick Goldman.