SOLD: 2013, $35,000,000
PARTNERS: Private Investors
LENDER: Wells Fargo (NYSE: WFC)
BUILDING SQUARE FOOTAGE: 63,935 square feet
Hidrock Properties purchased this neglected 12-story loft building in January of 2002. Within the first year of ownership Hidrock completed renovations to a new lobby, brand new elevator cabs and controls, a new roof, new bathrooms and a facade restoration. Additionally, Hidrock provided custom build-outs for tenants which included new bathrooms, new windows and HVAC.
As a result, a new mix of tenants was signed, consisting of attorneys, engineers, technology firms and established apparel and accessory showrooms. From the time Hidrock purchased the property to the time it was sold, the average rent increased 2.5 times.