883 N Shoreline
Marwood purchased this building as part of an office portfolio acquisition in Mountain View. 883 Shoreline is located in the emerging Terra Bella submarket. It was acquired at a 4.42% cap with 100% occupancy consisting of month to month tenants. The site is 1.5 acres with 30,000 net rentable square feet. The business plan for the site entailed both a near-term value-add positioning as well as a longer-term repositioning of the building.
EXECUTION
Upon acquisition, Marwood commenced a capital improvement program, a rebranding effort and a re-tenanting program. At the time of the acquisition all the leases were $3.00 under the overall Mountain View asking rents and at least $1.50 under the current sub-market rents. Over the course of several years ownership has successfully re-tenanted the building, marked to market the office rents and moved cash-on-cash yields closer to 8% while stabilizing the building with long-term market debt.
ADDRESS
883 N Shoreline Boulevard, Mountain View, CA
PROJECT SIZE
30,400 Square Feet
PROPERTY TYPE
Value-Add to Core Office
ACQUIRED
August 2015
STATUS
Hold