sold properties
2124-2134 LARIMER ST. DENVER, CO
Acquired in May 2019, this 7,200 square foot fully occupied property consisted of two triple-net restaurant tenants and was sold in November 2022 at an attractive return to investors. Located two blocks from Coors Field the property provided additional parking revenue from Rockies home games. This investment produced an attractive return despite facing multiple challenges once the pandemic occurred roughly one year after acquisition. This required navigating through unforeseen restaurant restrictions and closures in a downtown area facing obstacles throughout the pandemic. It withstood a baseball season without any fans, followed by a season with reduced capacity in a neighborhood dependent on after work gatherings and baseball games. Despite those challenges, this investment did not require any capital calls and produced an attractive return to investors. Value was added through extending the lease of one of the in-place tenants and replacing the other tenant with a new long-term lease. While the property was fully occupied at time of acquisition, NOI growth of over 25% was achieved in the three and a half years of ownership.
-BRADLEY COMMONS- 950 WINDY RD, APEX, NC
Acquired in August 2019, this 18,000 square foot, triple-net, five tenant fully occupied, mixed-use building was sold in May 2022 at an attractive return to investors. Value was created through extending the leases of three of the in-place tenants while also increasing those rents to market upon their lease renewals. A minor interior build-out was completed for one of those tenants who expanded their space by 50% in conjunction with their lease extension. A new tenant was brought into the building during ownership period replacing a tenant and increasing the rent on that space by over 10%. NOI was further increased by lowering property level expenses through found efficiencies. While property was fully occupied at time of acquisition, NOI growth of over 13% was achieved in under three years.
-CORNERSTONE PROFESSIONAL PLAZA- 200 CORNERSTONE DRIVE, CARY, NC
Acquired in July 2016, this 17,984 square foot, six tenant office building was sold in January 2018 at an attractive return to investors. At time of purchase, occupancy was 75.1% and was increased to 100% prior to sale. During the ownership period, an interior build-out of shell-condition vacant space consisting of roughly 4,500 square feet was completed and the space was leased to a new tenant bringing the building to full occupancy. Additional value was created through extending near-term lease roll within the building, as well as performing additional minor capital improvements throughout the property.
-PAVILION COURT- 1400 W 122ND AVE, WESTMINSTER, CO
Acquired in October 2015, Pavilion Court, a 30,044 square foot, 11 tenant, office building was sold at an occupancy level of 97.3% in December 2016 at an attractive return to investors. Value was added through extending leases while simultaneously bringing below-market rents to market on six in-place tenants that had near-term lease roll at the time of acquisition. These six leases consisted of 73% of the building, significantly increasing the building’s NOI. Additionally, one new tenant came into the building filling a vacant space. As part of the capital improvement plan scheduled for the property, an anticipated new roof was installed shortly after acquisition as well as other minor improvements throughout the building in order to increase the professional look and feel of the asset.
-LAKEBROOK MEDICAL CENTER- 5 PEQUOT PARK RD, WESTBROOK, CT
Acquired in June 2014, Lakebrook Medical Center, a 24,600 square foot medical office building was sold at an occupancy level of 85.4% to a non-listed institutional healthcare REIT in February 2016 at an attractive investor return. Value was added through increasing occupancy by adding new tenancy, lowering property level expenses through found efficiencies, as well as successfully executing on a nearly 4,000 square foot interior shell-condition build-out for the relocation of an in-place tenant, nearly doubling their square footage within the building.