Somerset Properties acquired the property as part of a 12 building portfolio and completed an adaptive re-use of the single-story office-flex space into a private charter school complete with classrooms, gymnasium, and library within the larger mixed-use business park.
Working under a tight timeframe, Somerset Properties collaborated closely with architects, engineers, contractors, and tenant to ensure delivery of space in time for new academic year.
By transforming the property use, Somerset Properties was able to improve occupancy from 78% to 100% and increase NOI from $452,000 to $824,000 (82% increase).
After negotiating a new long-term lease, Somerset Properties was able to sell the property at a substantial premium to invested capital, allowing us to strategically reduce our portfolio investment and harvest an attractive
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