| Acquisition Date: |
November 1999 |
| Project Size: |
291,000 square feet |
| Acquisition Cost: |
$36.3 million |
Acquisition Cost
per SF: |
$124 |
| Major Tenants: |
Regions Bank |
| Date Sold: |
March 2007 |
| Buyer: |
West City Partners |
| Sales Price: |
$65 million |
| Sales Price per SF: |
$223 |
| Investor IRR: |
24% |
Deal Highlights:
The acquisition included a 3.8-acre surface parking lot, which Mainstreet sold as an apartment site for $9.6 million.
Mainstreet developed a 700-car parking garage extension on this urban in-fill site as part of its overall repositioning strategy. Mainstreet received the 2001 South Florida NAIOP Renovation of the Year award after successfully completing the renovation of the building’s exterior. The renovation led to the securing of a new anchor tenant, Regions Bank. Mainstreet successfully leased the building to 90% before disposing of the asset.
Following damage by Hurricane Wilma, Mainstreet designed a system for replacing the entire building curtain wall system while maintaining 90% occupancy.
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