Product Type
Warehouse/Distribution
Strategy
Mark-to-Market
Square Feet
44,406
Acquisition/Sale Price
$5,475,000 / $7,400,000
Date Purchased
November 2017
Hold Period
3.4 years
Investment Overview
Acquired in an off-market process
Multi-tenanted building with 22’ clear height in a strong market
Three tenants master-leased to SourceCode for 10 years
Excellent highway access in a supply-constrained market
Value Creation
Worked with SourceCode to remove the two minor tenants, creating a single-tenant building
Tenant invested nearly $1.5mm to add heavy power and new HQ office space
Sold for a 35% premium in less than 3 years
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.