Location of Project:
401 East Chase Street, Pensacola, Florida
Property Type: Multi-Tenant Office
Property Size: 14,188 SF
Land Size: 1.45 Acres
Investor Status: 27.43% IRR
Granger Development purchased this property in November 2013. The property had been poorly managed for years and was 76% vacant at the time of the acquisition with the only two tenants on month-to-month leases. Following the acquisition, Granger Development completed numerous repairs to correct years of deferred maintenance in addition to substantial cosmetic upgrades that enhanced the curb appeal of the property. Within eight months of acquisition Granger Development had the property 100% occupied with long-term tenants in place. Granger Development continues to hold this asset and it remains 100% occupied.