Loss: Rental income stops once tenant vacates.
Cause of Loss: Former single-tenant building becomes vacant following departure of long-term occupant.
Solution: Convert to multi-tenant property by redesigning tenant floors. Expand parking lots to accommodate more dense employee usage. Secure entitlement of surplus land as future development site.
Result: Traded to national CRE Investor following lease up as multi-tenant building. Traded additional parcel to hotel developer.
Property Manager: Cushman & Wakefield
Lender:
