THE ASSET

• Over 50,000 SF multi-tenant medical office building anchored by Steward Medical Group and directly connected to Holy Family Hospital, a 122-bed, full-service acute care hospital that is part of the Steward network, the largest private hospital operator in the country.

THE OPPORTUNITY

• Create value through leasing vacancy, which was approximately 30% at acquisition, and implement sophisticated property/asset management.

• Update the property with both capital improvements in common corridors as well as update and rehabilitate tenant suites.

THE RESULT

• Made numerous capital improvements including HVAC/Mechanical and common area updates

• Signed 20 renewals and 8 new leases, increasing occupancy from 69% at acquisition to 90% at sale

• Grew NOI from $232,000 to $885,000, an increase of over 281%

• 92% return on equity to investors; S&P 500 return over the same hold period was 48%