Project Yellow Jacket
- 29,700 square foot boutique office building investment in Atlanta GA
- $5.2mm total investment of approximately 100% leased project at closing
- Still own – Investment/Asset Management assignment
- Purchase an 100% leased assets with average in place rents approximately 50% below market in an off-market transaction
- Roll tenants to higher market rents as they expire.
- In place rents averaged $19.50 per square foot at closing
- First vacancy (13%) leased at a rate 74% higher than prior tenant
- Approximately 30% of the property rolls in 2019. The average rent for those suites is 30-40% below current market rents.
- Basic cosmetic improvements in common areas.
- Building anchored by a single tenant with 50% of the square footage on a long-term lease
- Project is asset managed by Orion and held for long term cash flow and capital appreciation.