Address: 7005 Southfront, 7401-7501 Longard Rd, 501 Lawrence Rd (5 Buildings)
Year Built: 2001 & 2002
Building SF: 207,806 SF
Acquisition Date: September 2012
Projected Hold Period:
4 years
Five single-tenant office buildings on 13.6 acres was purchased at an attractive price and well-positioned to deliver favorable yields.
- Acquired asset at a 10% cap rate delivering a 13% cash on cash return from the onset
- Assumed CMBS loan from Seller
- Leased up existing vacancy and project was 100% leased 9 months after acquisition
- Managed property for 4 years achieving 15% cash on cash return during the last year
- Sold building for $28,420,000 ($137/sf) in December 2016
