Complete retrofit and repositioning of an existing industrial building with 50% vacancy and short-term leases. By saving the existing walls, foundation and roof, substantial savings were achieved in project development time, cost, and reduced construction waste and energy , all which contribute to the sensibility of retrofitting the building verses ground up development. By renovating the existing structure, Northwood properties was able to revive an obsolete building into a state-of-the-art multi-tenant building and increase the current net operating income by 150%.
Due to the buildings center lot location, overhead doors and storefront windows could be cut into the two long sides of the building. With a demising wall built up the center of the building and 20-foot wide concrete panels, new spaces were demised into unit sizes ranging from 2008 SF and up. With all the new doors and window openings cut into the building, the structure required a complete seismic retrofit with large tube steel posts and collar. Since only the shell of the building was reused, new electric, plumbing, heating and air conditioning systems were installed.
The outside of the building received a 3 color stucco façade with a custom riglet design to accent the aluminum storefronts and tinted windows.
Since the building was 50 % occupied at the time of acquisition, the project was completed in three phases as the tenants’ leases expired assuring cash flow from the existing tenants during each phase of construction. Northwood Properties was responsible for the strategic planning of the renovation schedule, as well as being directly responsible for the design, construction and project management. |
