23 Barry Place, Stamford (Sold)

Overview

• Acquisition Date: December 20, 2012
• Purchase Price: $7.1Million     
• Rentable Area: 190,000 s/f
• Acres: 11.77 acres
• Type Office/Industrial Repositioning/Redevelopment

Investment History

• Acquired former Pitney Bowes property. Very attractive cost basis of $37 per sq./ft.
• Leasing effort produced interest from a variety of potential user types: high-bay industrial, film production studio, and back-office uses.   
• During leasing program received an unsolicited offer to acquire property by an owner-occupant. 
• DAR successfully negotiated w/ Buyer to increase initial offer from $9.0 Million to $12.0 Million.

Financial Highlights (Sold December 23, 2013)

•  Total Cost Invested: $8.2 Million
•  Net Sale Proceeds: $11.7 Million      
•  Realized IRR: 34.3% (Net IRR to Investors)
• Gain on Sale: $3.5 Million