Comanche Business Center
The ownership of this 131,000 SF industrial park had a strong desire to sell this property. Comanche Business Center is a campus type industrial property located on seven acres. Ownership wanted to achieve the highest possible sale price but had a 24% vacancy in a market with an 8% overall vacancy and numerous leases quickly approaching the end of their term. Our team had placed several of the largest Tenants in the project so we were contracted to solidify the rent roll, prepare the property for disposition and then take this asset to the market.
The rent roll was repositioned by renewing expiring Tenants and aggressively marketing the vacant space for lease. The project included a 29,000 national defense contractor and an 18,000 SF data center. As space was leased, strong mixes of national, regional and local credit Tenants were identified and lease expirations were staggered to avoid a heavy potential roll-over in any future year. As part of the financial modeling, the owners signed a master Lease for the two vacant suites to complete the lease-up. The rent roll was stabilized at a 96% occupancy level.
This property was taken to market and promoted to over 800 potential buyers. Numerous potential buyers were identified and several initial offers were countered from a short list of the top six qualified prospects. A top offer was received and then shortly went under contract. The entire sale process from initial marketing package through eventual closing took just under four months with the eventual sale to a New England investment group.
In addition to exceeding the client’s net sale expectations, the two lease back spaces were subleased within five months of the closing date to minimize the Seller’s exposure on the two sublease spaces.