Bank of America Building: Office Redevelopment – Pensacola,

Location of Project:
5041 Bayou Boulevard, Pensacola, Florida

Property Type: Multi-Tenant Office
Property Size: 32,468 SF
Land Size: 3.34 Acres
Investor Status: 46.06% IRR

Granger Development purchased this property in October 2017. The property had been poorly managed for years and was 60% vacant at the time of the acquisition, with Bank of America representing the only long-term tenant. Following the acquisition, Granger Development completed numerous major repairs to correct years of deferred maintenance in addition to substantial cosmetic upgrades that enhanced the curb appeal of the property. Within five months of acquisition Granger Development had signed two long-term tenants to bring the occupancy to 84%. Granger Development continues to hold this asset and it is currently 92% occupied.