iStar Harrisburg LLC, a Starwood organization affiliate, acquired the property at 2400 Thea Dr. for $26.78 million. The tenant is Synertech Health Systems Solutions LLC, a managed care outsourcing and application service provider that is a subsidiary of Los Angeles-based Platinum Equity Holdings. Price per sf on the net-lease deal is $130.
James Cate, David Caldwell and Cameron Kennedy in the Atlanta office of New York City-based Julien J. Studley Inc. represented Synertech in the transaction.
According to Caldwell, the deal further cements a sale-leaseback trend that has been gaining speed as the economy slows. "It's a great way for medium-size businesses to raise money," he tells GlobeSt.com. "A lot of lenders aren't willing to extend credit to businesses right now. It's hard to raise equity. Sale-leasebacks are a great alternative to raising capital.
Platinum Equity is a global organization specializing in the acquisition and strategic management of high-tech companies. Its portfolio is valued at $2.5 to $4 billion and includes 20 operating companies with offices in 11 countries and an infrastructure in more than 100 countries.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
