The buildings are tilt-wall structures built at various times between 1974 and 1988. The portfolio has "fairly average rollover" and the in-place rents are "roughly market oriented," Tourtellotte says.
The per-sf price works out to $25.37. Tourtellotte says the property had a substantial re-roofing program that was already under way that Forester has budgeted an additional $2.27 per sf ($1.5 million) to complete.
Founded by Greg Forester, Forester Properties was one of the 13 local, regional and national buyers who submitted offers but was not the second-highest offer, says Tourtellotte. "Forester was somebody with whom we had a solid working relationship, had sold other properties to and knew could perform under the extraordinary time constraints," he says. "With just seven days to work with, there was absolutely no margin for error."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
