340 Taylor Avenue
Louisville, CO
Size: 17,800 square feet
Aquisition Cost:
$1,420,000 (2007)
Triumph Real Estate in a joint-venture with Solvason, LLC purchased this single-tenant NNN leased facility to take advantage of an in-place rental rate that was dramatically below market and a lease that was due to expire. The specialized nature of this highly improved freezer-cooler building was of tremendous value to the tenant. Shortly following acquisition, Triumph completed renewal negotiations with the existing tenant and achieved an increase of over 30% on a new, five-year lease.
Inverways Property
Inverness Business Park, Englewood, CO
Size: 72,000 square feet
Aquisition and Renovation Cost:
$4,100,000 (2003)
Triumph Real Estate partnered with Madison Realty Investors to acquire this office/warehouse property in the Inverness Business Park for $3,750,000 or approximately $50 per square foot. At the time of acquisition, the property was 60% leased and had not had any upgrades or improvements since its original construction in 1980. Triumph remodeled the property with upgrades including a new roof, parking lot, monument and tenant signage, and landscaping renovations, in addition to new exterior paint and the installation of nine new windows. The property achieved 100% occupancy in the summer of 2006. The loan was re-financed in May, 2007 based on an appraised value of over $8,000,000.
Triumph Mineral
Broadway and Mineral, Littleton, CO
Size: 117,000 square feet
Aquisition and Projected Renovation Cost: $13,900,000 (2007)
Triumph Real Estate acquired this two-building office/warehouse portfolio in March of 2007 for a price of $12,000,000. The seller was an out-of-state financial institution that had allowed the property to fall into disrepair. At the time of acquisition, the property was 83% leased and had not had any upgrades or improvements since its original construction in 1982. Further, the leases in place were at rental rates substantially below the market. Triumph has embarked on a renovation and leasing program designed to maximize the potential of the property and better position it within the competitive marketplace. Upgrades include new roofs, parking lot repairs, monument and tenant signage, and landscaping renovations, in addition to new exterior paint. The plan is to sell or re-finance the property upon stabilization based on the anticipation of significantly higher value.
2219 Chamberlayne Avenue
Size: 22,000 square feet
Acquisition Price and renovation cost:
$750,000 (2003)
Sale Price: $840,000 (2005)
Triumph Real Estate acquired 2219 Chamberlayne Avenue in Richmond Virginia, a 22,000 square foot industrial building situated on 1.8 acres just north of downtown Richmond in the vicinity of Virginia Commonwealth University. Triumph paid $650,000 for the property and spent $80,000 in renovations and leasing costs. The property was leased to a user upon completion of improvements providing cash flow representing a 12% annualized return, and then sold two years later for $840,000, representing a 48% cash on cash return.
Arvada Hardwood Floor Company
3301 Lewiston Street, Arvada, CO
Size: 90,000 square feet
Arvada Hardwood Floor Company, one of the largest providers of residential flooring materials in Denver, had outgrown its 40,000 square foot facility in Northeast Denver. Paul Ruff was engaged to coordinate the development of a new facility in Gateway Park near Denver International Airport. Programming called for an initial need for 90,000 square feet, to include offices, a showroom and distribution space. Solid prospects for continued growth called for a design that would easily facilitate expansion, and a site of sufficient size to accommodate a building up to 30% larger. Mr. Ruff successfully assisted the firm through feasibility, budgeting, site acquisition, design oversight, third party services contracting, and construction management. As a result, the facility was ready for move-in 1 month ahead of schedule and on budget. The new building enabled the client to rapidly expand their business and efficiency. Mr. Ruff also assisted the client with the disposition of their former headquarters within 3 months of vacating.
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