Allegiance Realty Corporation

CASE STUDY
ACQUISITION & MANAGEMENT PERFORMANCE

The Offices at Polaris
PROPERTY The Offices at Polaris
Suburban Columbus, Ohio

Two office buildings totaling 191,155 rsf
located at the entrance of the largest Greater
Columbus office park, were acquired in February
2007 from the original developer.

TYPE Class A / B+ Suburban Office
OCCUPANCY 2007: 64% Occupancy at Acquisition
2008: 84.72% Trending 132% of Pro Forma
PURCHASE PRICE $18,913,000
CAPITAL RAISE 18% of Total Cost
   62% Sourced by RIAs
    9% Individual Investors
   29% Allegiance Employees
TARGET IRR 20%
LEASING VELOCITY NEW Transactions trending
145% of underwriting, offsetting
the RENEWAL rate
of 57%.
CURRENT NOI 107% of Pro Forma

PERFORMANCE TO PRO FORMA ANALYSIS
This investment continues to exceed original underwriting expectations by surpassing pro forma leasing levels, reducing Operating Expenses by $350k, while continuing to improve the physical asset and increase the level of property management services to all tenants.

 

Albuquerque Plaza