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.