Turfway Executive Center Case Study
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- SVN-RICORE Represented ....... Town & Country Bank Asset Type County/Township ........................ Boone Year Built ........................................ 2011 Sale Price ....................................... $5.4 million Lease Rate .................................... Starting at $14.00/SF NET . CLIENT CHALLENGES Wit books, Town & Country Bank asked SVN-RICORE to develop a plan to recapture project. PROPERTY CHALLENGES • When the original developer defaulted on the project the structure was only partially complete. • The investment bank was underwater by nearly $2.5 million and holding an imcomplete asset that they couldn’t lease or sell in its current state. • Although the asset had a prime location adjacent to major highways, the severely depressed real estate market limited potential buyers or investors. • Town & Country Bank had the option to divest the property, or have CASE STUDY TURFWAY EXECUTIVE CENTER 410 Meijer Drive | Florence, Kentucky 41402 Sperry Van Ness-RICORE | P. 513.272.6800 | www.svn-ricore.com
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Transcript of Turfway Executive Center Case Study
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SVN-RICORE Represented ....... Town & Country BankAsset Type County/Township ........................ BooneYear Built ........................................ 2011Sale Price ....................................... $5.4 millionLease Rate .................................... Starting at $14.00/SF NET.
CLIENT CHALLENGES
Witbooks, Town & Country Bank asked SVN-RICORE to develop a plan to recapture
project.
PROPERTY CHALLENGES• When the original developer defaulted on the project the structure was only partially complete.
• The investment bank was underwater by nearly $2.5 million and holding an imcomplete asset that they couldn’t lease or sell in its current state.
• Although the asset had a prime location adjacent to major highways, the severely depressed real estate market limited potential buyers or investors.
• Town & Country Bank had the option to divest the property, or have
CA
SE S
TUD
YTURFWAY EXECUTIVE CENTER410 Meijer Drive | Florence, Kentucky 41402
Sperry Van Ness-RICORE | P. 513.272.6800 | www.svn-ricore.com
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SVN-RICORE SOLUTIONS• To help minimize potential losses SVN-RICORE created comprehensive investment models and multiple �nancial options for Town & Country Bank.
• SVN-RICORE provided accurate market data analysis to capture current leasing trends and insights.
• General Contracting Partners (GCP), a division of SVN-RICORE, provided redesign, re-engineering, comprehensive construction cost estimation and general construction services to �nish the project
• To meet the demanding needs of the current leasing market GCP retooled the structure, adding a stairwell, a second elevator, contemporary interior design, and modern amenities.
BENEFITS of SVN-RICORE MANAGEMENT• SVN-RICORE and GCP created a new 33,200 SF, Class A o�ce building with universal access, digital directory and access control systems, attractive exterior design, green building technologies, and valuable signage opportunities.
• Redesign and construction solutions made the property more attractive and competitive in the real estate market.
• SVN-RICORE’s bench depth and versatility enabled a complete cross-discipline success.
• Excellent customer communication was provided by keeping all phases of analysis, design, construction and marketing in-house, and by using advanced project portfolio technologies.
• Avoiding a �nancial loss and providing time to wait for improved market conditions and viable sale options, SVN-RICORE helped Town & Country Bank recuperate much of its investment through leasing agreements.
SVN-RICORE P. 513.272.6800 | www.svn-ricore.com
CA
SE S
TUD
YTURFWAY EXECUTIVE CENTER410 Meijer Drive | Florence, Kentucky 41402
All SVN® O�ces are Independently Owned and Operated
