- 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.
- 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.