Property: Arcadia Properties LLC 9775 Commerce Circle Lehigh Valley, Pennsylvania Assignment: |
Challenges:
– Building subleased to a non-credit tenant at 50% discount to market rent
– Asset encumbered by above market securitized debt
Conclusion:
– Created competitive bid with approximately 35 investors via proprietary web-based marketing system
– Negotiated sale at record price for market including assumption of above market debt
– Sold the asset to Guggenheim Real Estate for $12.25 million ($54 psf) @ 6.7% capitalization rate