This property is a suburban office building with 80,035 square feet and is located in Casselberry, Florida. This is an institutional quality asset, with three floors, three elevators and suites ranging in size from 1,200 up to entire floors of 27,000 square feet. We were able to acquire the property at $75.00 pre square foot, substantially below the market average of $125.00 and well below replacement cost of $220.00 per square foot. In the re-positioning plan, we will be upgrading functionally deficient spaces and improving the look and feel of the common area and restrooms. With the asking rental rates substantially below the market, we will be increasing rates with the completion of the cosmetic upgrades.
- SQUARE FEET: 80,035
- ACQUISITION DATE: February 2018
- ACQUISITION PRICE: $6,700,000
- RENOVATION COSTS: $750,000