Background: A local joint-venture hired Worldwide Commercial to source a value-add office property which cash flowed day one and had significant upside potential. The ideal property was one with great upside in adding value through capital expenditures or repositioning, was currently undervalued in the market and had great cash flow potential. Through an existing relationship, Worldwide Commercial sourced 5501 Independence Parkway in Plano, and quickly identified this medical office building as an excellent fit. Centrally located at the corner of Spring Creek and Independence, this building was positioned well but needed some capital injected into it to address some deferred maintenance and give the lobby and restrooms a makeover to realize its full potential.
Results: During the due diligence process, the Worldwide Commercial team negotiated $150,000 in initial credit then another $82,236 for our client, prior to closing. In total, Worldwide Commercial brokered a successful office/medical office acquisition that currently exceeds investors’ expectations for ROI, in a prime location, with financially strong and tenured tenants in place, and closed the building for a below market price.