Portfolio

Ashland Oil

Dublin, OH
Lexington, KY

3-Building Office Portfolio
453,000 Square Feet

Acquired the portfolio and simultaneously entered into triple net leases with Ashland containing staggered rents that provided a negotiated yield to both the equity owner and the lender over a 25 year term.
The form and content of the leases enabled the tenant to achieve "on and off" balance sheet corporate yield requirements.
In 2007, to take advantage of favorable conditions in the real estate market, the debt on the property was refinanced with a traditional lender, leaving the staggered rent stream in place, further increasing the long-term yield for the equity owner.