Bamboo Equity Partners™, LLC purchased the property from a financial institution in foreclosure in December 2012 – this was the first Bamboo Equity Partners™ investment property! The building was vacant prior to the date of purchase. The value-add component of this asset was to re-tenant the location at market rates. After signing a lease on the date of closing, the property was fully occupied on a new lease term with a growing tenant. Bamboo’s investors collected distributions for a number of years, renewed the tenant’s lease and decided to entertain selling off market.
“Bamboo is very proud to add this successful full-cycle transaction to our track record. It is even more significant given the property was our first asset purchase as a firm,” explains Alice Benner, Principal and Managing Director of Bamboo.
Bamboo sold the property off market to a local buyer looking for a stabilized, cash flowing, industrial building.