Value-Added Office AcquisitionAtlanta, GA
- This 400,000-square-foot office property in Atlanta, GA was in need of lease-up, stabilization and repositioning.
- Underwriting and execution were complicated by the inclusion of two adjoining land parcels in the deal.
- Attractive value-added office investment opportunities were at a premium in a highly competitive market.
- Nigel Keenan sourced this investment opportunity off-market (shown only to five prospective buyers by a small brokerage firm).
- Lined up 50,000 square feet in leases during due-diligence.
- Completed lease-up, raised rents and improved property operations significantly.
- Positioned the asset for sale in three parts: one land parcel to a townhome developer, the other to an office developer and the stabilized office building to a portfolio buyer; completed all three parts within two years after initial acquisition.
- Total unlevered return of more than 20% on invested capital (debt + equity).