1208 MARBLEWOOD AVENUE
46,000 sq/ft building situated on a ~2 acre lot. Zoned I-1 in Prince George County.
Acquired ‘14: $650,000 ($14.13 psf)
Total Project Cost: $825,000
Refinanced ‘16: $1,250,000 (investor cash 100% recouped)
Sold 2018: $2,400,000 ($52.17 psf)
Annual Lease Value: $180,000
Lease Term: 60 months
Tenant: CMC Sheet Metal, Inc.
INVESTMENT SUMMARY
The property was bought at a discount as the full building occupant had identified a replacement property for purchase nearby and CC contemplated a lease-up business plan. CC’s plan was to release the space at $6.00 psf, NNN. The departing full building occupant encountered issues with the acquisition of their new space and CC signed them to a 7 year, modified gross lease at $180,000 annum, which enabled the ownership to recapitalize the asset as to effectuate much needed capital improvements necessary to obtain a valid certificate of occupancy. The building was sold off market to a 1031 exchange buyer in Q1 ’18.