Featured Property
Arlington, Texas
Westway was an 8 building, 354,000 square foot flex portfolio bought from an institution. It was a combination of 5 late 1980s era flex buildings, 1 two-story Class B office building, and 2 new Class A flex buildings. One flex building was substantially vacant, and the other was completely vacant (and had been for 2 years). The owner had lost momentum and was unwilling to be creative to fill the vacancies. A 10 year conduit note was put in place at a very low interest rate (5.05%). Within 9 months, we had leased the majority of the vacancy, actually attracting a 100% office user into the vacant flex building by offering a rental rate far below the office buildings the tenant was considering elsewhere. Although the office build-out was substantially higher than budget, so was their rental rate, creating substantial value. Additionally, our assumable loan featured a rate well below market, also adding value. Westway was sold in 21 months, more than doubling investor equity.
Company Information
We are proud to have achieved these consistent results, demonstrating the discipline to avoid marginal deals many of our competitors would pursue in order to generate fees. Rather, choosing to pursue only the most worthy transactions as they present themselves.
Tim Hampton, Vice President/Asset Management