CCI-Intellicenter, LP

Asset type: Office Building · Location: Irving, Texas

Acquiring from Bank of America after foreclosure sale. Favorable purchase price of $12.825M ($64/SF), equal to 32% of the property’s last sale price of $40M ($199/SF) in August 2016, or 16% of replacement cost ($80M). Unparalleled signage opportunities, visible to ~95,000 cars a day along LBJ Fwy and Belt Line Rd. Wide array of food options, with 11 restaurants within walking distance and many more within 1 mile. Intellicenter is poised to fill quickly, as competing properties in Cypress Waters are currently 96.7% leased, offering rents ranging from $26.00 NNN to $35.50 NNN. CCI’s favorable purchase price allows us to offer rents starting at $17.50 NNN, over $8.00 lower than competing properties in Cypress Waters. For these reasons, we are excited to offer investors an estimated 24.0% IRR and 2.34x multiple on their invested capital.