View our case studies:
6 office properties, 430,000 SF
Acquired 1996-2000
Cost:
$34.5M ($80.25/sf)
Total Equity Investment:
$9.15M
Investment Returns:
• Cash returns: $41.5M
• Equity Multiple: 4.5x
We have refinanced multiple times and we continue to own all 6 properties which remain well-occupied and cash flowing.
2 office buildings, 175,000 SF
Acquired November 2014
Cost:
$12.25M ($70/sf)
Seller leased back the 63,000 SF Class B building on a 10-year net lease, leaving the Class A building of 112,000 SF 70% vacant. At closing, we sold off the 63,000 SF building for $10.45M, thereby reducing the net purchase price to $2.25M ($20/SF).
Investment Returns:
• Leased 60,000 SF in 12 months
• Stabilized occupancy at 85%
• Sold Property at 18 months for $14.0M
5-story office building, 175,000 SF
Acquired July 1997
Acquisition Cost:
$13.5M ($77/sf)
Total Project Cost:
$16.6M ($95/sf)
Occupancy:
50%
Investment Returns:
• Stabilized the occupancy to 90% in 3 years
• We recapitalized with a new financial partner for $22M
• Achieved IRR of +22%