Phoenix Business Park
Cushman & Wakefield announced today that Senior Director Jason Hochman has secured financing for Miami-based KAS Partners’ acquisition of King’s Landing and Phoenix Business Park in suburban Atlanta, GA.
Hochman secured a $7.2 million fixed-rate loan with an interest-only period from a commercial mortgage-backed securities (CMBS) lender for KAS Partners’ $10.25 million acquisition of Phoenix Business Park. Phoenix Business Park is a three-building flex/office portfolio comprising 110,607 square feet. It has direct frontage along Interstate 85 with easy access to Atlanta’s major highways. The property was 96 percent occupied at the time of sale.
Hochman also secured a $5.53 million fixed-rate loan with flexible pre-payment options from an insurance company lender for KAS Partners’ $7.9 million acquisition of King’s Landing. King’s Landing is a 77,381-square-foot, single-story office building located in the suburb of Roswell. It was 89 percent leased at the time of sale with occupancy comprising eight high quality-tenants.
“While both properties were near fully occupied, the business plans for each were different,” said Hochman. “Both loans had fixed rates, but each required a different structure that we ultimately found with two different lenders.”
Added Hochman, “After our process, we were pleased to find options that best allowed our client to execute his strategies and closed the loans quickly and efficiently.”
The South Florida Commercial Team of Scott O’Donnell, Dominic Montazemi, Miguel Alcivar, Greg Miller and Hochman has closed more than $625 million in sales and financing over the last 18 months. Please visit www.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.