Address: 49000 – 49090 Milmont Drive
Year Built: 1984, 1985 & 1987
Building SF: 209,300 SF
Purchase Price: $37 million
Closing Date: March 27, 2019
Projected Hold Period: 4 years
Off-market acquisition of fully leased R&D project at major discount to recent sales comps in the market.
- At acquisition, in-place contract rents were ~40% below current market rents, with access to ~75% of rent roll in first few years of ownership, providing an ability to significantly increase property cash flow;
- Initial renovation to improve building exterior, entryways, hardscape and landscaping during the first year of ownership with future planned structural upgrades.