Lake Mary City Center
This suburban office building was underperforming both in occupancy and financial results. In addition the ownership had poorly maintained the property. After taking stock in the asset we set out to affordably renovate and take corrective action with an ongoing AR problem.
The physical alternations were performed for less than $6 per square foot. Within five months of completion the occupancy was outperforming its submarket and the NOI had increased significantly. After another year of hands-on management we advised the owner to convert to office condos, taking advantage of the condo craze. The roof HVAC systems were also replaced. In the end, a poor performing asset was stabilized and sold for in excess of a 100% return to its initial market value/condition.
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