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Rubicon Investments Sheds 90,000 SF for $25M

ROSWELL, GA-The two adjoining buildings at 1544 Old Alabama Rd. and 900 Holcomb Woods are 100% net leased.

By Natalie Keith | Updated on January 17, 2008

ROSWELL, GA-Affiliates of Nashua, NH-based Net Lease Capital Advisors have acquired two office buildings at 1544 Old Alabama Rd. and 900 Holcomb Woods Pkwy. for $25.2 million, or $280 per sf. The two adjacent buildings have a total of 90,000 rentable sf.

The three-story office building, 1544 Old Alabama Rd., was built in 1999 and totals 70,000 sf. Built in 2005, the adjacent 900 Holcomb Woods Pkwy. contains two floors with 20,000 rentable sf. They are 100% net leased to MR Default Processing, an offshoot of law firm McCalla, Raymer, Padrick, Cobb, Nichols & Clark LLC, which handles foreclosure processing on residential real estate. The firm has 15 years remaining on its lease.

1544 Old Alabama Rd.

The seller was Rubicon Investments LLC, which was advised exclusively in the deal by Cushman & Wakefield Sonnenblick Goldman. Cushman & Wakefield Sonnenblick Goldman managing director Dave Karson tells GlobeSt.com that Rubicon decided to sell the property because it is a value-add investor and the property no longer fit the company’s profile.

The buyer was attracted to acquiring it because of the strength of the tenant and lease in place. “The tenant has benefited from the recent downturn in the residential market,” Karson says. “Its balance sheet is very strong.”

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