23 Barry Place, Stamford (Sold)
- Acquisition Date: December 20, 2012
- Purchase Price: $7.1Million
- Rentable Area: 190,000 s/f
- Acres: 11.77 acres
- Type Office/Industrial Repositioning/Redevelopment
- Acquired former Pitney Bowes property. Very attractive cost basis of $37 per sq./ft.
- Leasing effort produced interest from a variety of potential user types: high-bay industrial, film production studio, and back-office uses.
- During leasing program received an unsolicited offer to acquire property by an owner-occupant.
- DAR successfully negotiated w/ Buyer to increase initial offer from $9.0 Million to $12.0 Million.
Financial Highlights (Sold December 23, 2013)
- Total Cost Invested: $8.2 Million
- Net Sale Proceeds: $11.7 Million
- Realized IRR: 34.3% (Net IRR to Investors)
- Gain on Sale: $3.5 Million