CASE STUDY
ACQUISITION & MANAGEMENT PERFORMANCE
| PROPERTY |
The Offices at Polaris
Suburban Columbus, Ohio
Two office buildings totaling 191,155 rsf
located at the entrance of the largest Greater
Columbus office park, were acquired in February
2007 from the original developer. |
| TYPE |
Class A / B+ Suburban Office |
| OCCUPANCY |
2007: 64% Occupancy at Acquisition
2008: 84.72% Trending 132% of Pro Forma |
| PURCHASE PRICE |
$18,913,000 |
| CAPITAL RAISE |
18% of Total Cost
62% Sourced by RIAs
9% Individual Investors
29% Allegiance Employees |
| TARGET IRR |
20% |
|
| LEASING VELOCITY |
NEW Transactions trending
145% of underwriting, offsetting
the RENEWAL rate
of 57%. |
| CURRENT NOI |
107% of Pro Forma |
PERFORMANCE TO PRO FORMA ANALYSIS
This investment continues to exceed original underwriting
expectations by surpassing pro forma leasing
levels, reducing Operating Expenses by $350k,
while continuing to improve the physical asset and
increase the level of property management services
to all tenants.
|
