How Weston Identifies a Value Add Acquisition
- Weston became aware that a 115,000 SF office complex in Warrensville Heights, OH was going into receivership the summer of 2013.
- Working with the receiver and previous owner, Weston was able to structure a mutually acceptable arrangement and purchase the property in August of 2013.
- The properties consist of 3 buildings with high visibility on a well-travelled road.
- It is Weston’s intention to relocate their corporate offices to the complex; by doing so it will increasethe occupancy of the property to over 80%.
- Despite being 25% vacant at purchase, the property has an acceptable cash on cash return and will only get better as the vacancy is leased over the next year.