Founders Boulevard Case Study

1. FOUNDERS BOULEVARD
4101 FOUNDERS BLVD. | BATAVIA, OH 45103
SVN | RICORE Investment Management, Inc. | P. 513.272.6800 | www.svn-ricore.com
CLIENT CHALLENGES
In May 2014, Sentinel Investments (“Sentinel”), in its capacity as real
estate advisor for a prominent life insurance company, took ownership of
4101 Founders Boulevard after the owner opted to return the asset deed
in lieu of foreclosure. At the time Sentinel took ownership of the asset, its
low physical and economic occupancy, short-term tenants, and deferred
building maintenance negatively impacted the asset’s value. Sentinel
needed a highly-skilled, diverse team of professionals that could integrate
office and industrial leasing, property management, construction and
investment sale disposition. The goal was to formulate an investment
strategy that would maximize the disposition value of the asset in as little
time as possible. Sentinel selected SVN|RICORE Investment Management,
Inc. because of its extensive local market knowledge, and its superior track
record of success in dealing with complicated commercial real estate assets
PROPERTY CHALLENGES
Founders was originally constructed in 1993 as an owner/user asset
for Crable Sportswear. The building is 292,000 SF in total, consisisting of
a 40,000 SF Class A office building, attached to a 138,600 SF warehouse
distribution facility, 99,000 SF of climate controlled manufacturing
warehouse and a 14,400 SF mezzanine.
The building was never properly converted from a single-tenant to a multi-
tenant use. As a result, the asset suffered from under-capitalization, below
market leasing activity, and significant deferred maintenance.
CASESTUDY
CLIENT ....................................... Owner, Sentinel Investments
ASSET TYPE ............................. Mixed use, multi-tenant office and industrial
ASSET SIZE .............................. 292,000 square-feet
LOT SIZE .................................... 16.137 acres
YEAR RENOVATED ................. 2015
SALE PRICE .............................. $6,850,000

2. FOUNDERS BOULEVARD
4101 FOUNDERS BLVD. | BATAVIA, OH 45103
SVN|RICORE SOLUTIONS
• Given the unique make-up of the asset, as a mixed-use office/warehouse
facility, SVN|RICORE created a specialized leasing team that consisted
of both office and industrial experts. This customized approach ensured
successful marketing for high-quality, new tenants.
• SVN|RICORE secured a municipal zoning change to allow for multiple
tenancy. Once the proper zoning was in place, SVN|RICORE undertook
a number of interior mechanical and fire and life safety projects to bring
Founders into building code compliance.
• As part of the overall asset preservation and marketing initiative,
SVN|RICORE contracted for the roof replacement, major landscaping
renovations and parking lot improvements.
• During this repositioning effort, SVN|RICORE’s specialized leasing
team was able to secure three new, high-quality tenants - increasing
Founders’ occupancy from 40% to 86%.
• SVN|RICORE’s in-house construction company, General Contracting
Partners, Ltd. (GCP) was able to complete all of the required tenant
improvements on time and for the lowest possible cost.
SVN|RICORE RESULTS
• As promised, through SVN|RICORE's integrated services, Founders was
stabilized and sold for $6.85 million. Sentinel Investments was rewarded
with a multi-million dollar profit.
CASESTUDY
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