125 Lincoln Street
Update
02/20/17
Leather District garage with prime redevelopment potential offered for sale
Intercontinental Real Estate Corporation is selling the existing 115,625 square foot parking garage at 125 Lincoln Street in the Leather District, a site at which existing zoning would permit up to 223,880 square feet of mixed-use development. Existing lease termination options would allow a potential development to begin in 2018.
According to a report by The Real Reporter, 125 Lincoln Street's sale price could approach $40 million. Intercontinental acquired the garage in August 1996 for $6 million. The garage includes upper-floor office and ground-floor retail space in addition to parking. 125 Lincoln Street yields a Net Operating Income (NOI) of $2 million; office and retail space is 100% leased.
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