(952) 854-8290 info@forterep.com

CASE STUDY

Forte continues to lease up Lexington Corporate Center in Eagan with 30,000 sq. ft. tenant

Overview

Meritex, a Twin-Cities based CRE investment company, was looking for off-market acquisition opportunities in the south metropolitan area, and asked Phil Simonet, Principal of Forte, to help uncover options within the office/warehouse market. Phil identified Lexington Corporate Center, a 76,000 sq. ft. vacant office warehouse property in Eagan, as it was going back to the lender and ready to be sold at auction.

Challenge & Strategy

Using comps and the submarket vacancy, Meritex was the successful bidder acquiring the property in 2009. Since then, it has stayed nearly 100% leased until two years ago when two tenants moved and vacated nearly 30,000 sq. ft.

One of the vacant suites was on a corner making it difficult for most warehouse tenants to use efficiently. Phil reviewed the competitive properties and the current possible tenants touring the market. He recommended the owner demolish the 10,000 sq. ft. of office space within the suite to reconfigure the space into 26,000 sq. ft. of warehouse/storage space and 4,600 sq. ft. of office space. That change, while costing nearly $1 million in renovations, made the space much more attractive – a lease was signed for all 30,000 sq. ft. following construction completion.

Results

The new tenant, a printing company that moved from less than a mile away, put another $1 million into equipment and improvements and signed a 10-year lease. 

Real Estate Advisory

Forte Real Estate Partners recognizes that each client’s real estate needs are unique to their business.  Our experienced advisors understand clients’ objectives, anticipate potential challenges and work hard to exceed their expectations to provide solutions based upon our client’s best interests and current market conditions.   
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Philip Simonet

Philip Simonet

Principal

o: 952-854-8381
c: 612-501-3870
phil.simonet@forterep.com

News & Updates

Lease Admin professional Trent Waterman joins Forte

Lease Admin professional Trent Waterman joins Forte

NEWS POSTLease Admin professional Trent Waterman joins ForteTrent Waterman joins Forte Real Estate Partners to continue to build out the firm’s full-service commercial real estate platform. Trent has nearly 20 years of commercial real estate experience and 16 years...

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