A PRIME LOCATION GETS A PRIME MAKEOVER

Kent Business Center

THE SITUATION

 

94,000 square feet on the Kent Valley’s primary arterial roadway should have been a recipe for success. This wasn’t the case in 2004 when the Kent Business Center was struggling with a 37% (and growing) vacancy rate.

 

WHAT WE DID

 

Trinity did what Trinity always does, assess the unique issues at this location and apply 100 plus years of real estate investing experience to find a solution.

 

Trinity made the needed base building upgrades to increase the functionality, as well as aesthetic appeal. To increase the tenant appeal, a small common lobby area was also added. Trinity then targeted a 30,000 square foot standalone building within the center for lease by larger tenants.

 

Trinity oversaw the transition to new joint venture partners, new construction plans and ensured the design work was completed.

 

THE OUTCOME

 

In 3 years the occupancy rate went from 60% to 90% and the investors went from frustrated to rewarded with a 21% IRR.

 

SERVICES WE PROVIDED:

 

  • Investment strategy and implementation
  • Asset management
  • Acquisition and disposition
  • Institutional quality reporting
  • Risk management
  • Property repositioning, renovation, and development