Mainstreet Capital Partners
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Lakeside Office Center
Plantation, FL


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.


 
Mainstreet Capital Partners
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