| Acquisition Date: |
June 2003 |
| Project Size: |
134,000 square feet |
| Acquisition Cost: |
$17.5 million |
Acquisition Cost
per SF: |
$130 |
| Major Tenants: |
University of Phoenix, Merrill Lynch |
| Date Sold: |
November 2006 |
| Buyer: |
Invesco |
| Sales Price: |
$30.4 million |
| Sales Price per SF: |
$227 |
| Investor IRR: |
40% |
Deal Highlights:
Mainstreet recapitalized the asset with a new joint venture partner, seeing considerable upside remaining in the deal. Mainstreet maintained its investment strategy of aggressive management of the rent roll, with a subsequent sale providing a 40% investor return.
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