Overview
Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis by the Seller, a Life Insurance Company, to arrange the sale of a $35.4 million first-mortgage loan (the “Loan”). The Loan is secured by the fee-simple interest in a Class-A office tower located in Troy, Michigan (the “Collateral” or “Property”). The Loan was originated in November 2001 to facilitate the acquisition of the Property.
The Property comprises 278,558 SF of Class-A office space across 15-stories located in the Troy North submarket and was 50.0% leased as of March 31, 2024. The Property offers efficient and flexible floor plates with new, tasteful renovations. Located immediately off of a major thoroughfare, the building also enjoys easy access and visibility.
Investment Highlights
HIGH-GRADE PRODUCT
The Property boasts a newly renovated two-story lobby detailed with hardwood panels and granite floors. At 50.0% occupancy (as of March 2024), the remaining space is well positioned for investors to significantly boost cash flow through continued leasing.
SUPURB ACCESS + VISIBILITY
The Property boasts direct access to a major throughfare, allowing for efficient commutes and connectivity to the Detroit MSA. Future ownership can also benefit from the building signage possibilities.
ATTRACTIVE BASIS
At $35,425,000 in total unpaid principal balance, the Loan basis is at an attractive discount to replacement cost.
