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Cherry Lane Court Business Center - SOLD

Property Highlights:

Cherry Lane Court Business Center is a small bay office/warehouse project that Kenwood purchased in early 2012 for $3.35M. The property was 71% leased at time of closing.

Over its ownership period, Kenwood addressed the following:

  1. Increased occupancy to 100%
  2. Replaced the roof
  3. Designed and installed a new monument sign
  4. Designed and installed new uniform tenant signage
  5. Rehabilitated the parking lot
  6. Replaced numerous heat pump and split HVAC units
  7. Installed internet-based exterior cameras

As a result of these efforts, Kenwood increased the property’s value which culminated in its sale in November 2020 for $6M. This represented an appreciation in its value of 79% in just over 8 years.

Kenwood’s investors achieved a 14% internal rate of return (IRR) of 14% after all fees and expenses.