Type: Flex/Industrial Speculative development
Status: Completed & DISPERSED
109th & Mid-America Business Center is a 24,000 SF flex building designed with six loading doors (2 docks, and 4 drive-in doors), efficient/low-maintenance construction, and a flexible layout.
The project was developed in conjunction with Rose Design/Build who handled construction management, architecture, and owner's rep development activities. Box Real Estate provided initial planning services including market analysis, development management, disposition management, and equity for the project.
During lease-up, an owner/user was identified and submitted a purchase offer for the building. The sale closed in early 2017, approximately 6 months following building completion.
Capital for this project has been satisfied and the opportunity is closed. Contact us if you are interested in being notified about future investment opportunities.
Cap rate at pro-forma: Approximately 9.0%
Cap rate at disposition: <Not applicable>
IRR Before Tax: Approximately 26.6%
Equity Multiple: Approximately 1.61x (over 18 months)
Note: Past performance of any one deal is not a guaranty of future performance of any specific project. Please evaluate each opportunity independently and invest wisely.