Lincoln Properties has recently sold the Echo Street West project, an office development that was causing financial strain for the company. Despite being valued at $154 million upon completion, it was ultimately sold for a significantly lower price. According to reports from the Atlanta Business Journal, Menlo Equities is expected to purchase the property for just over $61 million, which equates to approximately $200 per square foot.
The vacant lot is located at Donald Lee Hollowell Parkway and Northside Drive in an area where English Avenue and West Midtown intersect.
In 2020, Lincoln Property Co. received tax breaks totaling nearly $7 million over a period of ten years in order to construct this mixed-use project. The development also secured a construction loan of $135 million from Bank OZK with maturity set for April 2025. This loan is backed by both the commercial space that Menlo plans on acquiring as well as a separate multifamily complex with ground-floor retail space that will not be included in this sale.
This recent transaction marks Menlo’s acquisition of a distressed office project spanning 305K square feet in Atlanta.
