Regional Employee Assistance Program Renews 40,000 SF Office Lease In Corsicana
400 Hospital Drive
Building Size
39,975 SF
Asset Type
Office
Closing
Mar 25, 2024
About this deal
AI
The office property located at 400 Hospital Drive in Corsicana spans a total of 39,975 square feet. It serves as the headquarters for the Regional Employee Assistance Program, following the renewal of their lease for 10 years. The landlord, Healthcare Realty Services LLC, successfully secured this long-term agreement with the tenant, providing stability and continuity to the property's occupancy.
Summary of transation details:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 400 Hospital Drive
- Market: Corsicana
- Landlord: Healthcare Realty Services LLC
- Tenant: Regional Employee Assistance Program
The lease negotiations were skillfully handled by Allison Johnston Frizzo and Tanya Hart Little from Hart Commercial, acting as the landlord's representatives. On the other side, Deidre Hardister from NAI Geis Realty Group navigated the deal with expertise, representing the Regional Employee Assistance Program during the negotiation process, ensuring a successful outcome for both parties involved in the transaction.
Players
Corsicana Office Market Snapshot
Boundary boundary · Office · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93