RICHMOND, Va., Jan. 23, 2017 /PRNewswire/ -- Capital Square 1031 announced today that affiliates of the firm, serving as replacement sponsor and manager of NNN Forest Office Park, LLC, a tenant-in-common (TIC) ownership, completed the stabilization and sale of Forest Office Park in Richmond, Virginia, for $24.1 million.
Bradford Bodley, an owner in the TIC program, said, "Capital Square stepped in during the eleventh hour of a failed refinance effort and provided the necessary lender guarantees required to successfully refinance the project. These actions resulted in significant investor savings and further enabled the asset to progress toward a successful sale."
Capital Square assumed sponsorship and management in February 2016, replacing the previous manager after more than a decade, to take over sponsorship, management and serve as loan guarantor for the TIC program. Capital Square took immediate action upon commencing work to refinance the maturing loan and position the property for sale.
"Capital Square is pleased to have brought this mature TIC program full-cycle for the owners in an expedited fashion," said Louis Rogers, chief executive officer of Capital Square. "Our firm has specialized expertise and in-depth knowledge about the nuances of tenant-in-common and Delaware statutory trust structures, and is well positioned to help property owners manage, refinance, recapitalize, turn-around and sell their real estate."
Forest Office Park is strategically located in Richmond's West End at the corner of Three Chopt Road and Forest Avenue. The property is in close proximity to the Interstate 64 /Glenside interchange and West Broad Street corridor, and is centrally located within six miles of Short Pump and downtown Richmond. The property was approximately 95 percent leased at the time of sale and had maintained high occupancies over the last several years with a strong presence by government tenants.
CBRE|Hampton Roads, CBRE|Richmond and the Atlanta office of CBRE Group Inc. brokered the sale on behalf of the TIC ownership.
About Capital Square 1031
Capital Square 1031 is a national real estate investment and management company. The firm sponsors institutional-quality real estate exchange programs that qualify for tax deferral under Section 1031 of the Internal Revenue Code. Capital Square uses the Delaware Statutory Trust (DST) structure to make quality real estate available to a larger number of investors. Capital Square provides a range of services, including due diligence, acquisition, loan sourcing, property management/asset management, and disposition, for a growing number of high net worth investors, private equity firms, family offices and institutional investors. As of December 7, the firm oversees a national portfolio of 56 real estate assets valued at approximately $566 million (based on investment cost). In September 2016, Capital Square was ranked as the second fastest growing company in the Richmond, Virginia area by Richmond BizSense, with 274 percent annual revenue growth from 2013 to 2015. To learn more, visit www.CapitalSquare1031.com.
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SOURCE Capital Square 1031