Renovation and Repositioning of a Class C Office Building
“A landlord facing adverse conditions engaged Stan Snipes to increase the value of his building through creative upgrades & aggressive re-leasing.”
Challenge
1919 Charlotte was a 38,194 square foot vacant office building located in Midtown area of Nashville, Tennessee. The property was formerly a single tenant building occupied by Gambro Healthcare. Stan Snipes assisted an investor in the purchase of the building with the idea of converting it into a multi-tenant office building. We mobilized a team of architects, engineers and contractors to help study the feasibility of a complete renovation to accommodate several medical users we knew were actively seeking leasable space in the Midtown area. The building consisted of 3 floors, approximately 12,731 square feet each, and was in severe disrepair due to being vacant for several years.
Solution
With the assistance of our team, it was determined that the cost to renovate the property was in line with the ultimate value necessary to release the property. An aggressive marketing campaign began to locate both medical and general office users that would be willing to lease the new space. At the same time, we began renovations to the property to include new windows, sprinklers, electrical, common area corridors, lobbies, restrooms, parking lot repairs and a geothermal HVAC system. Through the process, we determined that a one acre parcel next to the property was available for purchase. We assisted the investor in acquiring the additional parcel, which enlarged the total site to 3.61 acres allowing for future expansion or development.
Results
- Snipes Properties was able to increase the value of the property by assembling architects, engineers, and contractors that completely renovated the property to a high class B standard with modernized systems.
- In addition to complete renovations and we were able to bring the building to 100% occupancy all within nine months.
- We were able to sell the additional 1.75 acre site to a bank user, which yielded an even greater return to our investor.