45,000 square foot suburban office building with 23 spaces located in Maitland, Florida. The property is well located within walking distance of downtown Maitland and was 63% occupied at the time of the acquisition, with in-place rents $4.00 below the market. The re-positioning of the property will be focused on cosmetic upgrades to the interior common areas, exterior landscape and parking lot upgrades and capital used to prepare the vacant spaces for marketing.
- SQUARE FEET: 45,000
- ACQUISITION DATE: December 2017
- ACQUISITION PRICE: $5,250,000
- RENOVATION COSTS: $500,000