Building a Glowing Reputation: Acquisitions
In 1999 we identified an opportunity to acquire an older, 175,000 SF flex/industrial project. It was particularly well located, but lease rates were below market and the project needed a capital infusion to complete some deferred maintenance. We closed on the property and successfully executed our business plan, finally selling the project in 2006 for a significant premium over our cost.
From this beginning, we have made more than 20 additional property acquisitions totaling approximately 5 million square feet of space. Acquired properties range in scope from older industrial projects in Charlotte to Class A office buildings in the Raleigh-Durham market. Typically our acquisitions fall into the “value add” category. We usually identify properties that are undervalued as a result of a misguided leasing strategy, poor management or the need for reinvestment/repositioning. However, we have also purchased efficiently functioning properties that needed little work – simply because we perceived a pricing inequity.
Office
Beacon Partners purchased the Atrium and Westchase Office Park in September 2004. Located near I-77 and Billy Graham Parkway in southwest Charlotte and totaling 151,800 SF in three buildings, the property was developed during the late 1980s and had significant deferred maintenance and an occupancy rate of 19% at acquisition.View Case Study
Small Bay Flex Portfolio
In September 2000, Beacon acquired Lake Norman Commerce Center, a 92,000 SF small bay flex property located at Exit 28 on I-77 north of Charlotte.View Case Study
Warehouse
Beacon Partners purchased Atando Business Park in November 2002. The park has 47 buildings, which total 963,258 SF. Its location near the Central Business District (CBD) and the intersection of I-77 and I-85 is ideal for distributors and other industrial companies, and the land is zoned to allow for outside storage.View Case Study
