The 92,584 ft2 2-story office building was built by The Opus Group in 2007 as the second phase of a 180,108 ft2 office development on 14 acres West of the Southwest corner of Cooper Road and the Loop 202. This building sits on a 7.22 acre parcel zoned PAD and conveys with 450 parking spaces.
The Picerne Group acquired the property from the developer on September 29th, 2009 for $5.4m or $58.32 per ft2. While the amount tendered in that transaction is unavailable, Picerne secured $7.95m new debt with California Bank & Trust. The $15m sales price represents a 79% annualized rate of return for the property.
Director of Analytics