Delivering real results

We redeveloped an infill industrial asset into a modernized, premium product that appeals to the next generation of tenants.

Proto Park created opportunity to deliver returns and significantly improve the built environment of a neighborhood:

1. Undermanaged: We acquired this neglected industrial property from an absentee owner.
   
2. Ideal location: Situated near a dense consumer base, redeveloping Proto Park could offer modern space with nearby access to significant purchasing power and strong regional connectivity.
   
3. Best-in-class operator: We partnered with a a dynamic, local operator to deliver building design creativity, modern functionality, and unique digital marketing.
   
   

Penybacker took timely action based on our insights, networks, and real estate product development expertise to:

1. Renovate: Cured deferred maintenance and quickly upgraded all spaces with completed unit renovations by Q1 2022.
   
2. Revitalize: Created a high-quality, urban industrial showroom to drive tenant demand.
3. Rebrand: Launched a new property name, logo, marketing collateral, and virtual leasing experience to reintroduce the property to tenants.

1. Leasing: The property was less than 50% leased at acquisition, with rental rates at $3.50 NNN. We leased up 136K SF of space prior to rehab completion at average rates of $8.50 NNN, reaching 80% leased by late 2021.
2. Performance: We’ve outperformed expectations with a property that is 100% leased at 2.25X the in-place rents at acquisition. We’re outpacing average rental rates in the submarket, and most recently signed a 24K SF, 5-year lease at $11.55 NNN.