Overview
This client relationship spans over nearly four year’s time – from the initial task of assisting with relocation and investment strategy to the successful sale of the investment property. Initially tasked in 2015, to assist and advise Doctor and Surgeon, Dr. Scott Hardeman; Intelica assisted with the acquisition of a property that fit the investment criteria, attracted high-value tenants and improved the property’s value long-term, all within a 24-month period. The decision was then made to market it for sale. From listing to sale, the property closed within 4 months, marking a successful investment for the owner.
"Green Mountain Holdings did exactly what every investor looks to do...purchase an empty building, leased it to 100% occupancy and sold it for a healthy return," explains Joel Meyer, Vice President of Brokerage.
Challenge
The 25,000 square-foot property sat vacant for years, needed updating, code compliance and capital improvements. Intelica made recommendations for capital improvements that included modernizing the building’s mechanical systems to accommodate the demands of a high-end medical office. Next, Intelica launched a direct marketing effort to locate and lease quality medical tenants, a challenge when the building was vacant at acquisition.
Solutions
Intelica was able to drive leasing activity and ultimately increase occupancy from 0 – 100% in 18 months. Average term of the leases was 8.5 years. After filling the space, Intelica was engaged to list the property for sale by the building owner to align his long term practice goals and best possible disposition scenario. Intelica listed the building and closed on a transaction within 4 months at a rate in excess of $200 PSF.