The three story office building comprises 44,400 SF building. Koelbel and Company built property in 1983 and has owned and operated since then. Minor modifications and updates were made over the years but no major capital improvements. Starting in 2018 Koelbel and Company completed renovations in the building including new HVAC BAS System, new RTU, updated common area finishes, renovated common area restrooms, added common conference room amenity, updated landscaping, repaved parking lot, and added outdoor seating areas.
Prior to improvements the property was ~75% occupied and rental rates were in the $16/SF – $18/SF gross range. Currently, the building is 95%+ occupied and the lease completed since renovations were in the $21 – $23/SF rental rate range. Current weighted average in place rents equal to $23.23/SF. Capital improvement expenses totaled ~$900k.View Investments