Bamboo Equity Partners™ purchased the Maryland Heights property through a banking relationship out of an REO. The borrower had defaulted on their loan and was unable to provide the necessary liquidity for the tenant improvements and capital expenditure projects that the space required. Upon acquisition, we invested in an extensive energy retrofit, adding new efficiency to the outdated space. We also upgraded the common areas and parking lot to garner interest from new tenants. With the help of Intelica CRE, our brokerage partner, we signed six new leases and successfully renewed the building’s largest tenant occupying over 33% of the building. Following the stabilization and increase in income by 29%, Intelica CRE sold the building off market to a private 1031 purchaser, generating over $1 million for our investors.
Occupancy at Acquisition: 68%, Occupancy at Disposition: 91%
Acquisition Price: $4,250,000.00, Disposition Price: $5,556,125.00