| Acquisition Date: |
May 2006 |
| Project Size: |
132,000 square feet Class A office building, including 18 acres land |
| Acquisition Cost: |
$32.4 million
- Building: $24.4 million / $180 per SF
- Land $8 million / $445,000 per acre |
| Major Tenants: |
Apollo Group, Engle Homes/Arizona, Inc. |
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| Sales |
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| Building |
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| Date Sold: |
February 2007 |
| Buyer: |
Arden Realty |
| Sales Price: |
$26 million |
| Sales Price per SF: |
$197 |
| 5 Acre Land |
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| Date Sold: |
July 2007 |
| Buyer: |
Kuber Development Co |
| Sales Price: |
$4.3 million |
| Sales Price per Acre: |
$860,000 |
Deal Highlights:
Mainstreet seized the opportunity to make this acquisition as it saw the growth potential in the investment by utilizing its market knowledge. The seller/developer was focused on capitalizing another venture and needed the capital. Mainstreet and its joint venture partner were in a position to close the transaction quickly. Shortly after close, Mainstreet sold the fully leased building as well as a 5-acre land parcel in two separate transactions, returning a majority of invested capital back to the investors.
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