Deal Highlights:

Mainstreet picked up this deal after two firms failed to close on this Class A office building. Mainstreet was able to buy the property at an attractive current yield (a 9.5 cap rate on in-place income) and a significant discount to replacement cost ($131/SF), a rare combination in the competitive acquisition environment at that time.

Mainstreet replaced the building’s largest tenant, Southtrust Bank, with 1st United Bank while experiencing no downtime. Mainstreet also renewed the IRS. Both of these deals increased the building NOI significantly.