PROVEN PERFORMANCE
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Situation
- 19,290 RSF Class C office building located in Colton
- Building had been unsuccessfully marketed for sale with 6 different brokerage firms since 2013
- Building was 65% leased with no transaction activity in 32 months
- Colton is a 1.1 MM RSF submarket with anemic office absorption
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Action
- Repositioned the asset resulting in increased occupancy, from 65% to 80%, in 20 days
- Completed 3,000 RSF of leasing, including an expansion of the largest tenant, Bill LaTour
- Added $360,385 in value to the property enabling a portfolio sale for the owner
Results
- Successful sale of an asset that had been on the market since 2013
- Closed escrow in less than 60 days
- Highest office sale price recorded in the submarket year-to-date
- 1 of 5 transactions sold in the Colton submarket YTD in 2013
