Park Place Holdings acquired the two-story 26,500 SF office building in late 2020 for $3.8M and it was quickly turned around for a sale of $6.3M in mid-2021. The property is located in the business district of Hudson, WI, a highly desirable area with ample restaurants, entertainment and shopping nearby. The property was 50% leased at the time of acquisition and was in great condition requiring little capital investment. Within 7 months, we increased occupancy to 90% and coordinated buildouts for two new tenants.
Our original strategy was to hold the property long-term because it was very performing well. The property was off market when an out of state investor made an offer we couldn’t refuse. We closed on a $6.3M disposition in July of 2021 and rolled the equity in this asset into a 1031 exchange to purchase another office building and a multi-tenant strip mall in a prime location.