Lincoln Property Company Closes Sale of Southlake Professional Plaza in Morrow, Georgia
Lincoln Property Company Southeast 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.