The Property
Woods Mill Pointe is a four-story Class A suburban office property that enjoys great visibility along I-64/Highway 40 in the heart of the West County office submarket, which is one of the strongest submarkets in the St. Louis Metro Area. Formerly known as 40 Corporate Center, the Building suffered from dated common areas and was poorly maintained, which was causing a rapidly increasing vacancy rate. The Building had a negative image in the marketplace and no longer commanded Class A rents.
Acquisition/Assignment
EVS Realty Advisors began tracking this asset upon learning it was going into foreclosure. We recognized the Building’s Class A potential and began to aggressively pursue acquisition of the asset, seeking an investor that desired value-add opportunities. The Building required significant capital improvements to reposition it to compete for Class A tenants and Class A rates. EVS Realty Advisors partnered with a highly successful pension fund manager from Washington D.C. and closed on the purchase of the Building in July 2006. EVS Realty Advisors was appointed the exclusive management and leasing agent for the Building.
Woods Mill Pointe Photos
Action Plan
EVS Realty Advisors' goal was to reposition the property from a Class B to Class A by investing primarily in cosmetic improvements. EVS Realty Advisors held a design competition that focused on the common areas and selected an architect. Within nine months, all of the building common areas were remodeled including the lobbies, restrooms, vending lounge, and corridors. New lighting was added to the parking garage, a new energy management system was installed, and the Building's landscaping was completely overhauled. In addition, to complete the Building's 1.0 million dollar transformation, it was renamed, and a new graphics package was installed.
Summary
Building Size: 79,566 sq. ft.
Class: Class A
Year Built: 1989
Purchase Price: $7,125,000
% Leased at Acquisition: 33%
% Leased 10 Months After
Common Area Renovation
Program Completed: 91%
Results
- Improved curb appeal from new landscaping
- New name, graphics package and image
- Dramatic new lobby with timeless Class A finishes
- New full-height wood and glass entrances for all tenants
- New corridors and restrooms, including an ADA restroom
- Upgraded HVAC system
- Improved tenant satisfaction
- Long-term lease for 37,000 sq. ft. with a national tenant
- Within 12 months, the rental rates were increased from $19.50 per sq. ft. to $24.50 per sq. ft., and the Building's occupancy level went from 33.2% to 85.3%
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