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