| Acquisition Date: |
January 2006 |
| Project Size: |
124,000 square feet |
| Acquisition Cost: |
$24 million |
Acquisition Cost
per SF: |
$194 |
| Major Tenants: |
NASD Inc., MetLife |
| Date Sold: |
May 2007 |
| Buyer: |
Cypress Creek Capital |
| Sales Price: |
$33.8 million |
| Sales Price per SF: |
$273 |
| Investor IRR: |
20% |
Deal Highlights:
Mainstreet bought this Class A office building in an off-market deal together with 2101 Commercial Boulevard. Mainstreet was able to negotiate a favorable deal due to the seller’s strategic withdrawal from the market after a difficult hurricane season. Mainstreet and its joint venture partner sold the building after completing repairs and renewing several tenants at significantly higher rents.
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