Strategically located between the ports of Charleston & Savanah and I-81, Greensboro has become an attractive distribution center for companies that serve the Northeast but prefer to avoid traffic on I-95.
Somerset Properties acquired the portfolio from a Private Equity Fund that was at the end of its hold period and motivated to sell. By completing a comprehensive capital improvement program that included new lighting, fire sprinklers, loading dock levelers, and repairs to roofs and parking lots, Somerset Properties was able to improve occupancy from 73% to 100% and increase NOI from $1,342,000 at closing to $2,059,000 (53% increase).
Stabilizing the rent roll included the relocation and expansion of two existing tenants in order to create a full building vacancy which was leased to a new 226,320 SF credit-tenant for a five year term.
IRR has been calculated after any transaction costs but before any fund level fees or carried interests