Colonial Business Center
Fronting on busy Highway 50 in downtown Orlando, this property was plagued with numerous deficiencies. The first floor flooded due to the failing drainage design, the roof required full replacement, and the tenant mix was deplorable. The exterior color of the building was light blue with bullet holes in the windows. Our process started with evicting "slow pay or no pay tenants."
At the end of 2009 and beginning of 2010 we fully revamped the property. Regarding capital items we replaced the roof, HVAC systems, and windows. Cosmetically we painted, removed walls, replaced fixtures and flooring, renovated bathrooms, hung awnings, sealed and striped the parking lot. Upon completion the velocity of leasing and buyer activity has skyrocketed. The expected payout for the renovation dollars is a 4 to 1 ratio, amidst the worst recession in several decades.
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