Address: 303 & 333 Hegenberger Road
Year Built: 1970 & 1974
Building SF: 198,133 SF
Purchase Price: $21 million
Closing Date: December 13, 2017
Projected Hold Period: 2 Years
Off-market acquisition of 2 building office project at a major discount to previous purchase price and replacement cost. The property was 82% leased at acquisition.
- Significantly repositioned project with a $4 million capital plan that upgraded building lobbies, lighting, common corridors, restrooms, exterior paint, elevator modernization, new roof and building signage.
- Executed over 25,000 square feet of leases to bring project to 91% leased in 9 months.
- Increased rents by more than 60% in first year of ownership.