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Menlo Buys 305K-SF Distressed Atlanta Office Project
Lincoln Properties has unloaded the Echo Street West project, an office project that Lincoln was having a hard team paying for. The office development was valued at $154 million after delivery but was sold for much less than that. The Atlanta Business Journal reports that Menlo Equities is expected to pay just over $61 million for the property, which is about $200 a square foot.
The vacant property sits at Donald Lee Hollowell Parkway and Northside Drive, where English Avenue and West Midtown converge.
In 2020, Lincoln Property Co. received property tax breaks of nearly $7 million over 10 years to build the project. The mixed-use project received a $135 million construction loan from Bank OZK, which is set to mature in April 2025. The bank said the loan is secured by the commercial space Menlo plans to acquire and a 292-unit multifamily project with ground-floor retail not included in the contemplated sale.
