Opportunity:
Assets with significantly “broken” management, operations had depressed income yield
Project Summary:
- Asset purchased in Spring 2006 successfully from a competitive bid situation / trustee sale
- IGRI stabilized accounting and management of assets, with focus on leasing and renewals
- Leased over 320K sf (new tenancies and renewals); total portfolio was 997K sf
- Increased occupancy levels form 78% -85% over 16 months
Results:
- 20%+ IRR
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- Transferred the portfolio to another asset manager following an increase in valuation of 15%
- Successfully increased NOI by over 20%
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