Trustmark Building
Multi-tenant, value add office / 164,247 sf / Memphis, TN
Property Details
- Worked with Magnolia Investment Partners on the identification, negotiation and closing of a $19.7M off-market acquisition. The Class B+ office building was 84% leased and was purchased at 52% below replacement cost.
- The Property was being mismanaged by the previous owner. As a result, there was a tremendous value add opportunity to reposition the Property through increased operational efficiencies, rental rate growth and increased occupancy.
- Through a $2.1M capital expenditure campaign, we enhanced the property’s position in the market, elevating it to one of the premier Class A office buildings with rental rates strategically lower than new construction.
- Since acquisition, occupancy has improved to 97% and rents have increased over 30% while reducing operating expenses by 20%.
