Case Studies

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

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

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

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 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%