An affiliate of Wyatt Capital, LLC (“Wyatt”) acquired 1358-1362 Collier Road in an off market transaction in July 2017. The building is a 30,000 sf brick warehouse situated on 1.88 acres located on Collier Road in the Upper Westside submarket and is 100% leased and occupied after having previously been improved to retail showroom usage in prior years. The building had two tenants in 67% and 33% of the project with the larger tenant expiring within 18 months of Wyatt’s acquisition and without any existing renewal option rights.
The investment thesis involved acquiring the property and marking rental rates to market levels upon each tenants lease expiration and/or replacing those tenants with new tenants.
Within 15 months of acquisition, Wyatt sold the asset to an owner occupant for $6.3 MM. This investor intends to renovate and occupy the vacant space for medical usage when the larger tenant vacates the building.
Annualized project level returns for this investment were 58.33% with an equity multiple of 1.86X.