2442 Dupont Dr.
Identification – Waterford utilized a relationship with a local leasing and investment sales brokers to acquire the 48,000 SF Office campus on-market in November of 2018 from an Corporation looking to dispose of a non-core asset.
Evaluation – Waterford utilized its strong market knowledge to underwrite the opportunity quickly, realizing the existing owner did not know how to effectively market and lease the project given they were originally intending to use it for their own purposes.
Business Plan – Waterford felt the project could be re-positioned well by enhancing the common areas of the projects while investing capital into Spec Suites that were move-in ready for tenants.
Capitalization – Waterford partnered with a real estate development firm to acquire the project all cash for $12M within 60 days of going under contract. The development firm also agreed to sign a long term lease to be a tenant at the project.
Asset Management – Waterford hired best in class architects and general contractors to reposition the asset as the highest quality surfaced parking Office asset for smaller to mid-size tenants in the Airport Area. Waterford was able to immediately increase rents at the project almost 50% and increase occupancy within 18 months to over 90%.
Stabilization – Waterford is evaluating its desire to either sell or hold the asset now that it has been repositioned and the capital work is complete.