Weston purchased a 86,620sf multi-tenant facility with additional land in Twinsburg, Ohio, and quickly re-tenanted the units.
The original structure is a one story masonry and concrete block building on slab foundation built in 1968.
The cash on cash return was forecasted at 12%.
A 100,000 square foot spec building was constructed on the surplus land and within months the space was 100% leased, which was in excess of ini al projections.
The additional building was identified by Dr. Pepper Snapple Group as a key location for them.
Weston had to work quickly to move the current tenant to make room for a national credit tenant. It resulted in netabsorption of 100,000sf for Weston.
Today: We have two buildings with 186,620sf providing a healthy cash on cash return of 10.7% with remaining upside potential.
