Product Type
Warehouse/Distribution
Strategy
Mark-to-Market
Square Feet
120,470
Acquisition / Sale Price
$8,000,000 / $20,300,000
Date Purchased
April 2019
Hold Period
2.6 Years
Investment Overview
Acquired through off-market relationship for $8mm
High-bay (30’) property undermanaged by long-term, local owners
Two tenants with short lease terms under two-years
Strong location with excellent highway access in supply constrained market
Value Creation
Signed both tenants to longer-term leases
Constructed 4,700sf of Class-A office space in former low-ceiling area increasing rent by ~19%
Leased additional 4,700sf of vacant 2nd floor office to adding an additional ~4% of rental income
Financed the addition of LED lighting, new racking, and in-rack sprinklers for further interest income
Returns are unaudited, preliminary, and net of fees. Asset valuations are based on internal estimates and have not been reviewed or verified by an independent auditor.