Strong Fundamentals and Occupancy History Lead to Win-Win Transaction
Glenfield Capital has recapitalized its Lakeside at Spalding Triangle office portfolio, located in suburban Atlanta, with a new partner. Glenfield Capital continues to expand its capital relationships and asset management business.
The portfolio consists of four office buildings comprising approximately 260,000 SF, which was 91% leased at the time of the recapitalization. This portfolio has benefited from an average occupancy of 91% since it was delivered in 1998. Over time, Lakeside has included a myriad of high credit tenants, including Siemens, Fleetcor, Lucent/Avaya, Universal Music (Sony), Parsons Engineering and Schlumberger.
Apart from the strong operating history of the assets, Lakeside benefits from an above market parking ratio, 360-degree glass line and efficient building design, along with its proximity to the high-street retail development The Forum. Each of these factors contributed to the valuation and investment decision of the new investor.
Glenfield will continue in its role as Sponsor and operating partner. This recapitalization has once again proved that Glenfield is a best in class owner and asset manager with the performance of this investment exceeding projections.
ABOUT GLENFIELD CAPITAL
Glenfield Capital is an Atlanta, Georgia based private real estate investment company and asset manager. Its principals have decades of real estate investment experience including more than $1 billion in advisory and principal activities. Glenfield’s current portfolio includes over 900,000 square feet in the Southeastern US. For more information please visit www.glenfieldcapital.com.