Mainstreet Capital Partners
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4500 Leeds Avenue
Charleston, SC


Acquisition Date: September 2002
Project Size: 750,000 square feet
Acquisition Cost: $9 million
Acquisition Cost
per SF:
$12
Major Tenants: Cummins Manufacturing, Behr America
Date Sold: November 2007
Buyer: Birchmont Capital
Sales Price: $54.9 million
Sales Price per SF: $73
Investor IRR: 74%

Deal Highlights:

Discovering that the seller was highly motivated to remove real estate from its balance sheet, Mainstreet determined to purchase the 750,000 SF facility.

Mainstreet was able to create significant value through a combination of hands-on management and repositioning of the property. By renovating the entrance to the site and to the building, as well as significant improvements to the building’s systems, Mainstreet was able to secure long-term net leases from the project’s existing tenant base. In 2005, after increasing the operating income, the partnership was able to refinance the property for $24 million, and the loan proceeds were used to expand the facility by 100,000 SF. In 2007, Mainstreet sold the facility for $54.9 million while maintaining ownership of 14 acres at the entrance to the property.


 
Mainstreet Capital Partners
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