200 ASHFORD CENTER NORTH
200 Ashford Center North was developed by Paragon Group and delivered in 1989 for a large pre-lease tenant. Purchased in late 2012, 200 Ashford underwent a planned physical repositioning along with increased leasing and tenant renewals. Over the almost 28-month hold, the sub-market saw robust improvement which led to declining vacancies, higher rents, and increased values. The disposition of Ashford in mid- February 2015 produced an IRR of 32% and a multiple of 1.9x after overall deal level.
Purchase Price: $12,650,000 or $79/SF - September 2012
Exit: $20,000,000 or $125/SF - February 2015
Capital Partners: USAA Real Estate Company, Admiral Capital Real Estate Fund, and State Bank
Building Specifications:
-160,000 SF 6-level
-68% leased at purchase
-3.0/1,000 with structured parking
-5.41 acre site
Building Exterior
Building Exterior at Night
Gym
Building Exterior