465 COLUMBUS AVE
- Capstone acquired a note secured by a 105,000 SF suburban office building located in Valhalla NY.
- The property is a three-story steel frame suburban Class-B office building located near I-287 intersection.
- Capstone obtained the deed to the property within six weeks of acquiring the note.
- The property was 65.6% occupied at the time of acquisition with 340 available parking spaces.
- The property underwent an extensive renovation in 2007-2008 with newly built features such as lobby, elevators, and partial renovated bathrooms and upper lobbies.
- The building was renovated as follow:
- HVAC energy management systems were upgraded
- Vacant space, common areas, and lobbies were redesigned.
|Property Size||105,000 SF|
|Investment Status||Long Term Hold|
|Realized Deal IRR||27%|
|Forecast Deal EM||1.5X|