Investment Info:
Office Space fix & flip investment in Pineville.
Purchase price: $6,325,000
Cash invested: $2,100,000
Sale price: $15,000,000
100,000 SF 3-story office building in very good location. Paid $63.00 per SF. One metric: replacement cost would be ~$400.00 per SF. After closing sold a cellular tower lease that generated $790,000 in cash reducing our acquisition price down to ~$56.00 per SF
What made you interested in investing in this type of deal?
Huge opportunity to add value by making improvements to an older office building. Upgrading. Design alterations. Repositioning. Implementing new strategies. Massively increase rents and sell at enormous profit. Sold out. For more detail will need to inquire.
How did you find this deal and how did you negotiate it?
Broker presented to me. Was able to negotiate a purchase price of $6,325,000 which was $900,000 less than the asking price. My reputation and proven successes did help.
How did you finance this deal?
Will explain
How did you add value to the deal?
Huge opportunity to add value by making improvements to an older office building. Upgrading. Design alterations. Repositioning. Implementing new strategies. Massively increase rents and sell at enormous profit. Sold out. For more detail will need to inquire.
What was the outcome?
Will explain
Lessons learned? Challenges?
Wrong investors that didn’t perform.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Absolutely.
