Purchase-$12.5 million. 7/2013
Projected current value- $35million fully leased. This is a loose estimate based on GoPro lease of 45,000 sq. ft. at $2.40 NNN See below:
Estimated Improvements-$100 p/sf or $10 million
Estimate Gross Profit-$12 million
Tax Records below:
This deal took a very sophisticated add value investor and in depth research not just of a local market, but of a global demand for cool, trendy workspace that allows start ups to recruit & retain the highest level of employee talent.
Deals like this don’t come across broker’s and acquisition guy’s desks every day. When they do, only the best recognize their potential and sell it with enough confidence.