Franklin Square

SITUATION

Stream becomes top-selling office broker year to date with the fastest time to sale in submarket (51 days).
13,961 RSF Class B office building located in Santa Ana
Building was 95% leased with lease rates 4.5% below the submarket
Building was located within an opportunity zone

Increased occupancy from 95% to 100% in 20 days
Expanded an existing tenant and completed a short-term sale-leaseback for ownership while scaling back management operations
Created highly customized digital and print marketing materials inclusive of drone video tour to maximize exposure to buyers
Increased NOI by $15,000 generating higher offers from prospective buyers
Increased property value by $225,000 enabling portfolio sale

Within 5 days of being on the market, Stream had generated 3 offers creating a competitive sale environment that maximized asset value
Successfully negotiated a purchase and sale agreement within 2 weeks of being on the market
1 of 5 transactions sold in the Santa Ana submarket in 2019
Recorded the lowest cap rate (6.5%) in the City of Santa Ana for office product below 20,000 RSF
No price reductions given for building deficiencies found during the inspection period
Building was put on the market June 10th and was closed by August 1st
With the transaction, Stream became the top-selling broker 2019 YTD in the Santa Ana submarket

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