| Acquisition Date: |
September 2000 |
| Project Size: |
134,000 square feet |
| Acquisition Cost: |
$16.6 million |
Acquisition Cost
per SF: |
$124 (exclusive of a 10-acre development parcel) |
| Major Tenants: |
University of Phoenix, Merrill Lynch |
| Investor IRR: |
33% |
| |
|
| Sales |
|
| Building |
|
| Date Sold: |
June 2003 |
| Buyer: |
DRA Advisors / Mainstreet Capital Partners |
| Sales Price: |
$17.5 million |
| Sales Price per SF: |
$130 |
| Land |
|
| Date Sold: |
June 2003 |
| Buyer: |
West City Partners |
| Sales Price: |
$6.0 million |
| Sales Price per Acre: |
$600,000 |
Deal Highlights:
Mainstreet’s acquisition analysis reflected significant upside potential due to the adjacent development site. After renovating the exterior of the building, and upgrading the tenant mix, the building and land were sold in June 2003 for $23.5 million resulting in a 33% IRR for the investment partnership. Simultaneously, a new Mainstreet joint venture purchased only the building for $17.5 million.
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