924 and 936/960 OVERLAND COURT
SAN DIMAS, CA
Identification – Waterford utilized a relationship with a local leasing broker to acquire the vacant 175,0000 SF two building Office campus with 2.5 acres of vacant land off-market in May of 2015 from the National Association of Federal Credit Unions looking to dispose of excess real estate it had acquired from a failed credit union in 2012.
Evaluation – Waterford utilized its strong market knowledge to underwrite the opportunity quickly and stayed diligent to pursue the asset over an 18 month period of time while the seller worked to achieve user pricing for it.
Business Plan – Waterford felt the project could be re-positioned well by making it a campus office project targeting larger users in the San Gabriel Valley who wanted their own campus environment in close proximity to excellent retail and housing amenities. It strategically improved the excess land to additional over-standard parking providing a competitive advantage to the project.
Capitalization – Waterford partnered with an Institutional real estate equity fund to acquire the project all cash for $18.5M within 30 days of going under contract.
Asset Management – Waterford hired best in class architects and general contractors to reposition the asset as a high end office campus for any large users seeking new space. Waterford was able to attract two large, publically traded firms to fully lease both buildings on long term leases within 30 months of acquisition.
Stabilization – Waterford is now marketing the buildings for Sale.