Our creative and resourceful approach to due diligence enabled us to get the inside scoop on 2124 Barrett Parkway.
At first blush, 2124 Barrett Park Drive, a property consisting of two, single-story buildings, appears to be industrial warehouse space (and was being marketed as such). But the buildings had actually been converted into high-quality call center office space for Hewlett Packard years prior.
When the opportunity was presented to us, the property was 100 percent leased by two tenants, one of which was leasing approximately 85 percent of the total space. With a little creative due diligence and by leveraging our strong relationships in the commercial real estate community, we were able to get the inside scoop.
We learned the location was ideal for this company. First and foremost, the area’s demographics provided a strong labor pool for the call center. Although this alone made it a strategically desirable location, the space’s upgraded, modern design was also a significant factor, as was the comparably lower-than-average rent. Investment was made into the building’s infrastructure to support a high volume customer over and above what was apparent on the surface.
With this information, our knowledge of the market and our ability to see value where others might not, Glenfield Capital acquired 2124 Barrett Park Drive in April 2013.