Flex Office & Self Storage

79,000 Square Feet

Mountain Center of Avon

Sold

2012, 2016

Sale Price

$10,100,000, $15,300,000

Project

Mountain Center of Avon is a 79,000 square foot flex office and self-storage center in Avon, Colorado. Our client purchased the property in 2007 and required a major upgrade of the building. Thus, our internal construction team aided in converting the basement level of the building into a self-storage center as a value-add to enhance a stabilized tenant mix with self-storage tenants and increase overall price charged per SF. The majority of the building is a flex office product that is typically used for office, warehouse, and showroom for service companies and construction supply/wholesale. Our investment services team sold this building twice, improving the tenant mix, lowering operating costs and increasing rent per SF due to the value-add renovations led by our construction team.

Categories
  • Property Management
  • Commercial Brokerage
  • GC & Construction Management

``Within twenty-four months, the property was stabilized and performing well``

Fortius Capital's collective experts found a diamond in the Valley's real estate rough.

Fortius Capital's investment services team successfully sold the property in 2012 for $10.1 million in less than three months. The new owners retained our team to manage the property from 2012 until 2016, when the property was listed for sale again. Our experts brought Mountain Center of Avon to market, summer of 2016, and closed a few months later for $15.3 million due to stabilization, enhanced tenant mix and value-add construction improvements to secure self-storage operator as tenant.

The self-storage occupancy went from 68% to around 90% and overall rates increased. The flex occupancy rate went from 72% to 89% with a much stronger tenant mix. The NNN’s went from $6.05 per sq ft to $4.75 while simultaneously adding a maintenance reserve.

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