Identification – Waterford utilized a relationship with a local investment sales broker to acquire the 110,000 SF Office campus on-market in November of 2018 from an Institutional seller looking to dispose of the asset after purchasing it 15 years beforehand and investing little capital into the project.

Evaluation – Waterford utilized its strong market knowledge to underwrite the opportunity quickly, realizing the existing landlord had stopped aggressively pursuing lease transactions causing occupancy to fall to 70% while also failing to maintain the project in a Class A condition.

Business Plan – Waterford felt the project could be re-positioned well by enhancing all the common areas of the projects while investing capital into Spec Suites that were move-in ready for tenants.

Capitalization – Waterford partnered with an Institutional real estate equity fund to acquire the project all cash for $18.5M within 30 days of going under contract.

Asset Management – Waterford hired best-in-class architects and general contractors to reposition the asset as the highest quality low rise Office asset for smaller to mid-size tenants in Central Orange County.  Waterford was able to immediately increase rents at the project by almost 25%.

Stabilization – Waterford has completed the repositioning of the project and is working to lease it to 95% occupancy with the goal of an eventual sale to a long-term owner interested in a fully repositioned and stabilized project.