Acquisition and Major Repositioning of Partially Leased Multi-Tenant Building
Midwest acquired the functional property on a large land site that had significant deferred maintenance and leasing issues from a private seller looking to divest of the property.
- Partnered with the seller’s transaction team to complete multiple leases to reach a high enough occupancy to close on the property for the seller’s needed price.
- Completely repositioned and modernized the property by implementing major design and construction improvements, including new high image architectural panel façade, new exterior LED site and custom façade accent lighting, new windows, parking lot, concrete curbing and sidewalks, landscaping enhancements, and make ready interior improvements.
- Stabilized occupancy within nine months of acquisition through multiple new leases and lease extensions.