Atlantic Aviation Leases Office Space At Granite Park 6 In Plano From Granite Properties
5525 Granite Parkway
Building Size
26,608 SF
Asset Type
Office
Closing
Sep 10, 2024
About this deal
AI
The property asset involved in this transaction is an office space located at 5525 Granite Parkway in Plano. The asset encompasses 26,608 square feet and is part of a recently completed 422,100-square-foot building in a market that is currently 26% leased.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not disclosed
- Address: 5525 Granite Parkway
- Market: Plano
- Landlord: Paul Bennett - Granite Properties
- Tenant: Atlantic Aviation
- Brokers: Ryan Hoopes & Tom Sutherland - Cushman & Wakefield
Atlantic Aviation will relocate its headquarters to occupy a full floor within the building by Q1 2025. This relocation is anticipated to enhance leasing activity in the complex, which presently has a leasing rate of 26%.
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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