Liberty Square
Realized Acquired on December 20, 2016, Liberty Square is a Class-A, 445,612 RSF pair of office towers located in downtown Greenville, SC, which were 81.6% occupied as of acquisition with a known pending vacancy of 47,257 SF bringing occupancy down to 71%. The assets were ideally positioned in the thriving downtown Greenville market with proximity to a rich amenity base, surrounding housing and the growing broader Southeast market. The Greenville CBD had shown strong and resilient growth fundamentals with seven years of positive net absorption, low vacancy and strong rental growth rates with limited new office supply. The assets offered a weighted average lease term of over seven years and provide stable cash-flow along with additional upside with lease-up of vacancy, while being acquired at 60% below replacement cost.
Investment Info
- Status: Realized
- Market: Greenville, SC
- Property Type:
Office - Square Footage: 445,612
- Lingerfelt Role: General Partner
- Strategy: Acquisition
- Sub-Strategy: Reposition, Lease-Up
Investment Metrics
- Entry Date: December 20, 2016
- Purchase Price: $58,600,000
- Total Capitalization: $62,300,000
- Exit Date: December 30, 2019
- Exit Price: $73,200,000
- Hold Period: 3.1 Years
