| Acquisition Date: |
August 2002 |
| Project Size: |
171,000 square feet |
| Acquisition Cost: |
$20.5 million |
Acquisition Cost
per SF: |
$117 |
| Major Tenants: |
United Healthcare, NCO, TMP Worldwide |
| Date Sold: |
March 2006 |
| Buyer: |
Osprey Westlake LLC |
| Sales Price: |
$31.9 million |
| Sales Price per SF: |
$170 |
| Investor IRR: |
35% |
Deal Highlights:
Two previous groups failed to close the transaction, allowing Mainstreet to approach the seller directly. Mainstreet was able to purchase these 100% leased assets at a 10 cap. With attractive financing, Mainstreet was able to deliver a current cash flow yield in the upper teens for its holding period.
The purchase included a development pad that Mainstreet acquired with no allocation of value. The development site was retained when the two office buildings were sold. Located in Tampa’s Westshore submarket, the site is perfect for an additional 120,000 sf office building with 5:1000 parking.
|
|
