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)
–
65%
Occupancy at acquisition
Project Level IRR
39.1% & 5.0x
Equity multiple over 5.9 year hold period
Sold 3200 building (152,642 sq. ft.) for
$18.3M
($120 PSF) to user Axium Healthcare Pharmacy (Kroger) in Feb 2016
Sold 3210 building (92,127 SF) for
$15.0M
($158 PSF) in May 2019
Renovated By Tower Realty Partners
Joint-venture between Trigate Capital and Tower Realty Partners
Unencumbered by debt for final ~3.25 years of ownership
Unencumbered by debt for final ~3.25 years of ownership
7 / 1,000 parking ratio, expanded to 10 /1,000
7 / 1,000 parking ratio, expanded to 10 /1,000
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