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

 

Investment Thesis

• Purchase an 100% leased assets with average in place rents approximately 50% below market in an off-market transaction

 

Value Creation

• 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.