BearRock Investments LLC
Lonestar Logistics Building
6333 1st Avenue S. Seattle, Washington
4 Year Hold | 57% IRR
Sold (inactive)
Purchased building off market with rent substantially below market. Moved rents to market while keeping tenant base. Sold to institutional investor. Acquired three properties as part of 1031 tax deferred exchange.
Project Type | Source | Size | Acquisition Price | Sale Price |
|---|---|---|---|---|
Industrial | Industry Relationship, on the market | 60,240 square feet | $5,550,000 | $15,500,000 |
Identified building through our work as brokers representing a 10,000 square foot industrial tenant. Toured building and recognized building rents were substantially below market and that owners would potentially sell the building. The market had the impression that the site was environmentally contaminated, an impression we proved inaccurate through extensive environmental testing during due diligence. After acquisition, completed lease renewals with each tenant and moved rents an average of 71% creating substantial investor value.
