Located near the I-80 Freeway, which offers direct access to Sacramento, San Francisco, and Salt Lake, the transaction totaled 795,000 square feet and was 87 percent leased at the time of closing.
Through local knowledge and extensive research regarding tenant demand in the market, it was clear that there was an opportunity to create value through the lease-up of the 104,000 square foot vacancy.
With the Black Creek acquisition, due diligence, legal, finance, and leasing teams working together, they were able to quickly respond to deal changes, updating the firm’s proposal to include more competitive underwriting and an expedited timeframe to close.
Additionally, by including the leasing team in the process, Black Creek was able to begin actively marketing the vacancy immediately upon closing – speeding up the leasing process to create value from the acquisition.
In less than 90 days from the close of the sale, the vacancy was 100% leased and the newly acquired properties are now 100% percent leased to four high-quality tenants, including a leading outdoor clothing brand.