Property Type:  Class A Suburban Office; 2 Buildings

Address: 10925 & 10926 David Taylor Drive, Charlotte, NC
Size: 184,000 SF
Acquisition Date: 11/2012
Disposition Date: 2/2016
Projected Return Multiple: 1.9x
Occupancy – Going In: 85%
Occupancy – Current: 84%

Total Cap Ex: $1.1 M

Business Plan
Execute a moderate renovation of common areas, better prepare all vacancies for touring, address operational issues related to a ground floor for-profit college tenant, renew several large tenants with expiring leases within the first 24 months, and secure new leasing absorption to backfill scheduled existing tenant vacates and likely contractions.

Results
Executed a strategic moderate upgrade of the property, successfully renewed two 20K+ sf tenants, effectively mitigated operational issues related to the ground floor for-profit college that avoided a 30K sf tenant termination, and attracted enough new absorption to get back to the going-in occupancy. Disposed asset 1.5 years early at a multiple that exceeded owner expectations.

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