465 COLUMBUS AVE
PROPERTY DETAILS
- 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.
| Asset Class | Office |
| Property Size | 105,000 SF |
| Investment Status | Long Term Hold |
| Realized Deal IRR | 27% |
| Forecast Deal EM | 1.5X |
| Year Acquired | 2012 |