This property was acquired off-market through local relationships with the pending buyer that was then under contract. The pending buyer had been unsuccessful in raising necessary capital for the acquisition so we partnered with the pending buyer to successfully renegotiate the PSA and take over the buyer’s contract.
The property was well located on North First Street immediately adjacent to a Light Rail stop and featured mostly original finishes and outdated landscaping badly in need of renovation.
The three story-tall main lobby with sky lights had significant creative potential and the third floor suites, which were about to be vacated had a creative look and feel with high ceilings and exposed duct work that promised significant lease-up potential.
We completed full lobby, restroom core, common area and landscape renovation. We then created a speculative creative office look and feel for all vacant suites and achieved 100% occupancy in 15 months.
We received an off-market purchase offer at substantially above underwriting and sold the project 19 months after acquisition.