Globe Office Building – $1.82MM Acquisition

Compass successfully closed on the $1,816,875 acquisition of a three (3), two-story standalone office buildings containing approximately 25,000 ± Rentable SF situated on a 2.94 ± Acre parcel.  The subject property was acquired by a single purpose entity related to the New Beginnings Recovery Center, a prominent area outpatient medical detox and counseling center.  Of the total 25,000 ± Rentable SF, approximately 15,000 ± Rentable SF will be occupied by the New Beginnings Recovery Center after their completion of building renovations.  The remaining 10,000 ± Rentable SF will be occupied by third party tenants.

The financing was structured with $1,631,250 in acquisition financing and $185,625 in improvement financing which will be used to renovate the three (3)  buildings exterior, interior and common areas.