611 ROUTE 46 WEST
PROPERTY DETAILS
- Capstone acquired a defaulted $13.735M loan from Prudential Insurance and obtained title to the property via a deed in lieu of foreclosure.
- During the first quarter 2010, Capstone completed the renovation of the ground floor lobby, installed a vending room, and hired a café operator. Capstone renovated the 2nd floor positioning it for multi-tenant occupancy including a model office suite.
- The property was 62% leased at the time of the note purchase. Under Capstone’s ownership, repositioning and leasing efforts, the property is currently 98.5% leased.
- Further upgrades were made to the building’s HVAC system, including floor sensors for an energy management system. A 24/7 proxy-card access system and other lobby improvements have been well received by the tenants.
| Asset Class | Office |
| Property Size | 136,000 |
| Investment Status | Long Term Hold |
| Forecast Deal IRR | 30% |
| Forecast Deal EM | 4.75X |
| Year Acquired | 2009 |