Acquisition Multi-Tenant Flex Building
Midwest acquired a 67% vacant, recently developed, multi-tenant property at a substantial discount to replacement cost. The property had been recently foreclosed on by the construction lender, lacked perpetual access due to expired access agreements, and was over 60% raw shell building space.
- Closed all cash.
- Secured proper utility and access agreements to the property during the due diligence period through a laborious negotiation process with multiple parties.
- Brought stability and revitalization to the property by evicting a defaulted tenant, extending and expanding other tenants’ leases, and securing multiple new tenants at the property within one year of closing.
- Maintain 90%+ occupancy since initial stabilization.
- Managed all design, permitting, and build-out processes for five different tenant requirements.