(Value-add acquisition)

Comunale purchased the 35,000 square foot multi-tenant flex/industrial property, which marked the company’s first acquisition in the greater Denver market. The seller was a local individual who purchased the property as an investment and experienced a decrease in occupancy to 50% from being fully occupied. With the seller having an upcoming debt maturity, a buyer was sought who had the ability to close a transaction on an expedited basis and with no financing contingencies. The property was quickly underwritten and due diligence inspections were completed. A closing took place within three weeks of the contract being signed. Comunale immediately instituted its high touch management strategy to enhance the property for the existing tenants and attract new tenants for the vacant space. Within one year’s time Comunale completed improvements to the parking lot, landscaping and tenant suites, which resulted in lease renewals of existing suites and absorption of the vacant spacing bringing the project to 100% occupancy with no near term lease maturities.