Cantera Meadows – Warrenville, IL

  • Two Class A suburban office headquarters buildings totaling 375,000 square feet

  • Buildings were in good condition with excellent access and visibility but in need of upgrades

  • Acquired for $55/sf with short-term master lease and plans for redevelopment and rebranding

  • Upon expiration of master lease period, Cantera I was renovated with new lobby, elevator cabs, fitness center and food service area

  • At Cantera III, select tenant floors were cleared for improvements for marketing and others were renovated utilizing existing furniture and finishes

  • Three leases totaling 188,000 square feet were completed for headquarters tenancy within an 18-month period following renovation

  • Cantera I was sold to a Canadian REIT for $140/sf

Cobalt – Atlanta, GA

  • Located in Alpharetta, Georgia, Cobalt Center consists of two six–story, institutional-quality, Class A office buildings, with 376,351 square feet of rentable area

  • The property was originally leased, in its entirety, to AT&T. AT&T elected not to renew its lease in August 2011, and the property was in default when purchased for $20,100,000 ($53/sf)

  • Acquisition basis of $53/sf represented a fraction of the replacement cost of the property of approximately $200/sf

  • Through state income tax credit economic incentives, the property qualified for the State of Georgia economic development incentive program, the “Opportunity Zone”

  • Assumed lease-up over three-year period

  • Executed a long-term lease to a single tenant in 12 months

  • Completed a $90 million redevelopment project (with major investment by tenant)

  • Built a 618-space parking deck

  • Sold for $97 million versus owner cost of approximately $75 million and owner equity investment of approximately $22 million

The Waterfront – Pittsburgh, PA

  • Through strategic leasing and renewals, occupancy went from 83% to 98% and NOI grew 30% in three years

  • Restored property conditions through large-scale capital improvement projects

  • Focused on multi-channel marketing efforts to rebrand the property and drive traffic and sales through social media, website and on-site events

  • Located seven miles from downtown Pittsburgh

  • 350,000 square foot power center and 400,000 square foot lifestyle town center with tenants including AMC Theaters, Dave & Buster’s, Dick’s Sporting Goods, TJ Maxx, DSW, Primanti Brothers, Carhartt, Ethan Allen, Barnes & Noble and Burgatory

  • Redevelopment plans are underway to prepare for the future through dynamic placemaking, entertainment restaurant additions and weak tenant upgrades

Town Center of Mililani – Mililani, HI

  • 449,112 square foot community shopping center located in Mililani, Hawaii, a master-planned community in suburban Honolulu

  • Acquired in December 2015 and implemented a $12 million re-imaging program with new building roofs, concrete, repainting, updated landscaping, new furniture and a center court stage

  • Through strategic leasing, added a 29,987 square foot UFC Gym, a 4,069 square foot California Pizza Kitchen, and other retailers and restaurants including Jersey Mike’s Subs, Thai Village, The Beauty Room, and more

  • Expanded center marketing efforts with community events, entertainment and digital elements to position the center as the market’s top destination for family-friendly shopping, dining and entertainment

Triad at Orchard Station – Denver, CO

  • Triad at Orchard Station is a 415,000 square foot office park located in Denver’s southeast suburban submarket

  • The property is a Class B, three-building office complex situated adjacent to the Orchard Station light rail stop in Greenwood Village

  • Acquired in 2012 for $61/sf

  • The property sold in 2015 for $113/sf, exceeding projection by more than 12%

  • Implemented a strategic repositioning and redevelopment program that led to substantial increases in occupancy, net operating income and value. During our investment period,  we successfully achieved the following:

    • Implemented a $4 million reposition and redevelopment program

    • Developed a new amenity floor including fitness center, conference facility, and new restaurant

    • Reduced vacancy from 31% to 10% in 29 months

    • Bolstered the tenant roster with strong-credit, well-capitalized, publicly traded companies

    • Executed over 200,000 square feet of new leases and renewals; increased rental rates by more than 15%