In September 2012, Iliff Business Park had numerous vacancies totaling 38,359 Sq. Ft. The team at Colliers International assisted with the recapitalization of the project with Trigate Capital and was tasked with the challenge to increase occupancy, NOI and value to a level that would support a disposition.
With below market rates and a high vacancy percentage, Colliers International needed to first stabilize the asset in order to increase value. This was done using in-depth market knowledge of both leasing and dispositions; delivering maximum exposure of the asset through strategic internet, email marketing, and personal contact with prospective tenants.
Exclusive Seller Representation
Leasing efforts, since the recapitalization, resulted in four new leases with absorption of 28,881 Sq. Ft. Occupancy increased from 71% to 87%. The improved occupancy, amplified rents and general stabilization generated an overwhelming increase in value, priming the asset for disposition. Cody Sheesley, T.J. Smith and Brad Calbert brought the asset to market in April 2015 with a 13% vacancy. The property was put under contract at an 11% vacancy with a 30 day due diligence and a 30 day close contingency. The deal was closed in two months without a re-trade of purchase price. The team at Colliers International was able to execute three additional leases totaling 15,017 Sq. Ft., soon after the Closing, taking Iliff Business Park to 100% occupancy.