Acropolis at Fairfield Commons
- Date Acquired: August 2017
- Location: Dayton, OH
- Asset Type: Office Building
- Post Acquisition Strategy: Lease-up
About this Property
Background
In September 2017, Larkspur acquired a 190,000 square foot office park outside Dayton, OH for $7mm. The property had previously been owned by a “Tenant-in-Common” entity which had paid $34mm for the asset in 2006. The property was foreclosed upon by the CMBS special servicer in 2015. The property was 52% occupied at acquisition. The office park was also structured as a condominium asset.
Results
Upon taking ownership, Larkspur replaced the condominium manager with its own management team and reduced the condominium fees by 35%. Larkspur also initiated an aggressive leasing program with market-rate tenant improvement packages which the prior owner had been unable to offer. As of December 2019, the property is 84% occupied.
