Baker Tech

• 254,274 square foot, five building, single-story flex office complex.
• Acquired in August 2018 at 60% occupancy (excluding month-to-month tenants).
• Seller was a large pension fund that refused to pay for tenant improvements or invest the necessary capital to attract tenants.
• Well-located on the I-494 corridor and Highway 62, with excellent freeway visibility near the affluent areas of Lake Minnetonka.
• Business plan to renovate the property grounds, signage, and landscaping to improve property’s curb appeal, and aggressively lease the remaining vacancies with ample TI packages.

Investment Highlights

• Implemented a capital improvement program to upgrade landscaping, outdoor amenities, and signage to re-brand the property and fuel leasing velocity.
• Within months of acquisition, signed over 31,000 square feet of new leases and renewals, eventually reaching 100% occupancy.
• Sold property December 2020.