Project Description

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A Track Record of Success: Acquisition Case Study
0,430
SQ. FT.
$0.0 M
($50 PSF)
0
Acquisition Date

Office building located in Lake Mary with the highest parking ratio in the sub-market

REO 2 building office / flex asset

Capital Improvement projects include:

Parking expansion, signage, landscaping, restrooms, and deferred maintenance items (roof & HVAC)

Occupancy at acquisition

65%

3210 building (92,127 sq. ft.) sold in May 2019 for

$15.0M

($158 PSF)

Sold 3200 building (152,642 sq. ft.) for

$18.3M

($120 PSF) to user Axium Healthcare Pharmacy (Kroger) in Feb 2016

Project Level IRR

39.1% & 5.0x

Equity multiple over 5.9 year hold period

Renovated By Tower Realty Partners

Joint-venture between Trigate Capital and Tower Realty Partners

Unencumbered by debt for final ~3.25 years of ownership

7 / 1,000 parking ratio, expanded to 10 /1,000

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