50th Street Plaza was built in 1999 by a team of local veterinarians. They needed a new space for their practice and found a large commercial lot in an ideal location. To make best use of the land parcel, they decided to build a larger building and sublet the extra commercial units.
Our team purchased the property in April 2013 for $3.32 million. Over the first two years, we renewed several leases and brought on two new long-term tenants. This raised lease rates in the building to market value and substantially increased Net Operating Income. As a result, the property value has appreciated in the range of $500k since it was purchased.