This was a unique opportunity to acquire 11.96 acres of land off market with favorable land pricing and initiate the design and development process to construct two Class-A, shallow-bay industrial warehouse buildings. We partnered with a development team that has best in class capabilities.
Strategy:
- Core development in primary market
- Regional distribution building(s)
- Infill business park location with barriers to entry, lower risk, and appreciation potential
- Given rising rental rates, our partner has received numerous inquiries and has observed several sales in the market
- Fill a void in the market given lack of supply
- Maximize returns through pro-active disposition strategy to owner/user market
- Return premium above current, market cap rates