Mainstreet Capital Partners
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Talavi Corporate Center
Glendale, AZ


Acquisition Date: August 2003
Project Size: 151,000 square feet
Acquisition Cost: $21.3 million
Acquisition Cost
per SF:
$141
Major Tenants: Bechtel
Date Sold: November 2005
Buyer: Triple Net Properties
Sales Price: $32.8 million
Sales Price per SF: $217
Investor IRR: 47%

Deal Highlights:

Mainstreet utilized its market knowledge and relationships to purchase this newly developed Class “A” building from the developer in an off-market transaction. At the time of purchase by Mainstreet and its joint venture partner, the property was 67% leased to Bechtel for nine years. The purchase price included a master lease covering the next year. Within a year of purchasing the property, Mainstreet was able to lease the remaining third of the building, including a ten-year lease to California Casualty Insurance. When Mainstreet sold the property it was more than 95% occupied.


 
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