Address: Two building campus on 408 Plumeria and 2730 Junction Ave.
Year Built: 1982
Building SF: 146,951
Acquisition Date: December 2015
Projected Hold Period: 3 year
Vertical Ventures acquired two multi-tenant office buildings in 2015. Located at 408 Plumeria and 2730 Junction Avenue, the Montague Business Center was fully repositioned and renovated.
- Upon acquisition commenced significant reposition of 408 Plumeria totaling more than $3 million including recladding the building exterior, replacement of windows as well as increasing the window line, new building lobby, new outdoor seating area, restroom upgrades, landscaping improvements, demo of existing build out and market ready improvements.
- The renovation resulted in a full building 7-year lease with Foxconn
- Closed on sale of 408 Plumeria in March 2018 at $26.75M ($458/sf)
- Closed on sale of 2730 Junction in November 2018 at $26.25M ($290/sf)