Midwest acquired a well-located, partially leased, infill asset on a large land parcel that required repositioning. The acquisition was on a favorable basis and included a new roof.
- Structured sale and partial building leaseback to give Midwest income and flexibility to find a long-term tenant.
- Secured new long-term tenant.
- Completed total renovation of new tenant’s space.
- Midwest secured a major property tax reduction that allowed for higher NOI.
- Relocated part of long-term tenant’s premises to allow extra land to be subdivided and retained by Midwest at building sale which is now cash flowing.