Graham Street Realty Completes Strategic Asset Sale
Graham Street Realty Completes Sale of The Redwoods
In an exciting development for the commercial real estate sector, Graham Street Realty has recently concluded the sale of The Redwoods, a notable flex industrial property with a total area of 57,174 square feet. This property, featuring nine units, was strategically enhanced under the firm’s stewardship prior to its sale.
Improvements Made at The Redwoods
Established in 1988, The Redwoods underwent several significant upgrades since its acquisition. Notably, the parking lots were resurfaced, and vital enhancements such as fire and life safety systems optimizations were implemented. Furthermore, the roof membrane was replaced as part of the improvement plan. These enhancements have markedly increased the property’s value and appeal in the market.
Boosting Occupancy Rates
Andrew Mustin, Director of Asset Management at Graham Street Realty, expressed satisfaction with the successful outcome of the sale. "Over the three years of ownership, we have substantially elevated the property through strategic improvements and development. Occupancy levels rose impressively from 55% to 94% during our tenure," he stated. These efforts were not in vain, as the firm diligently executed its business plan, making the sale a timely and advantageous transition.
Management and Operational Success
The operational management of The Redwoods during Graham Street Realty’s ownership was handled by an affiliate located in Oakland. Through diligent oversight, the management team ensured that the property not only met but exceeded industry standards, solidifying its identity as a desirable asset.
Features and Location
Strategically positioned near major thoroughfares, The Redwoods is well-equipped with amenities including 204 parking spaces, five grade-level roll-up doors, and impressive clear heights ranging from 17.5 feet to 25 feet. The property boasts a serene environment, enhanced by the presence of mature redwood trees, providing a park-like atmosphere.
About Graham Street Realty
Graham Street Realty (GSR) is a premier commercial real estate investment firm situated in San Francisco and has been operational since its establishment in 2007. The firm has successfully sponsored acquisitions exceeding $485 million in various office and industrial assets. With a focus on value-added investment strategies within the multi-tenant market, GSR continues to seek out opportunities for growth and enhancement in the real estate sector.
Frequently Asked Questions
What is the significance of the sale of The Redwoods?
The sale demonstrates Graham Street Realty's effective management and enhancement of the property, resulting in increased occupancy and value.
How did Graham Street Realty improve The Redwoods?
The firm undertook various improvements, including resurfacing parking lots and optimizing fire safety systems, which led to the property’s higher appeal.
What are The Redwoods' key features?
The Redwoods features nine units, 204 parking spaces, five grade-level roll-up doors, and clear heights reaching 25 feet, showcasing its industrial functionality.
Who managed The Redwoods during GSR's ownership?
An affiliate based in Oakland, California, was responsible for the management of The Redwoods during the period of Graham Street Realty’s ownership.
What is the focus of Graham Street Realty as a company?
Graham Street Realty focuses on value-add investments in the multi-tenant office and industrial building markets, seeking to enhance property value through strategic improvements.
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