Mainstreet Capital Partners
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Lakeside Office Center
Plantation, FL


Acquisition Date: June 2003
Project Size: 134,000 square feet
Acquisition Cost: $17.5 million
Acquisition Cost
per SF:
$130
Major Tenants: University of Phoenix, Merrill Lynch
Date Sold: November 2006
Buyer: Invesco
Sales Price: $30.4 million
Sales Price per SF: $227
Investor IRR: 40%

Deal Highlights:

Mainstreet recapitalized the asset with a new joint venture partner, seeing considerable upside remaining in the deal. Mainstreet maintained its investment strategy of aggressive management of the rent roll, with a subsequent sale providing a 40% investor return.


 
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