Lincoln Property Company Southeast (Lincoln) announced the sale of Southlake Professional Plaza in Morrow, Georgia. Denton Shamburger and Chip Sipple of Lincoln represented the seller. Davis Beman of Blanchard and Calhoun represented the buyer.
The 39,260-square-foot, single-story office property is currently 87 percent leased to six tenants. With the recent leasing activity, the property’s rent roll demonstrates several desirable qualities, including tenant industry diversification, limited rollover exposure and strong tenant credit. Over the past 18 months, the property has seen 13,880 square feet of new leases executed, totaling approximately 35 percent of the building’s gross leasable area.
“Southlake Professional Plaza offered an incredibly rare opportunity for an investor to acquire a significant value-add office building at an exceptionally low basis, and at the forefront of a strong Atlanta office and job market recovery,” said Lincoln’s Sipple.
Southlake Professional Plaza has recently undergone capital improvements, including repaving of the parking lot, exterior painting of the property, new HVAC and partial roof replacement. Located in the North Clayton/Airport submarket of Atlanta, Southlake Professional Plaza is strategically located, boasting supreme visibility and exceptional access to one of Atlanta’s major transportation arteries, Interstate 75. The property’s location also provides tremendous accessibility to many of the area’s amenities including Southlake Mall, the Porsche North American Headquarters and Hartsfield-Jackson International Airport.
About Lincoln Property Company
Dallas-based Lincoln Property Company is one of the nation’s largest diversified commercial real estate companies, employing over 6,800 people in 32 states and 10 countries in Europe. Since its inception in 1965, Lincoln has developed over 250 million square feet of office, industrial, and retail projects as well as 209,000 apartment units. Stemming from its development and ownership background, Lincoln's operating platform seamlessly integrates its various service lines, provides for consistent and measureable performance and utilizes cutting-edge technology over its 350+ million square feet of managed assets. For more information on the Southeast Region of Lincoln Property Company, please visit lpcsoutheast.com.
