Product Type
Light Distribution
Strategy
Mark-to-Market
Square Feet
51,200
Acquisition / Sale Price
$6,500,000 / $10,020,000
Date Purchased
Jan 2019
Hold Period
5 Years
Investment Overview
Acquired through off-market relationship for $6.5mm
High functionality, multi-tenant property undermanaged by long-term, local owners
WALT of ~4years with rents 20% below market
Dynamic location with excellent highway access in supply constrained market
Value Creation
Leased small, structurally vacant office space to major soccer club
Leased-end cap space to credit tenant BJs for 10 years
Renewed existing tenants at market rates avoiding downtime
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.