The Mercantile Building
Excellent value-add office building in a great long-term location.
Marketing description
The property is currently under a condominium ownership structure consisting of 7 total condominiums. Texas Name Mercantile Investment owning 6 of 7 making it 75% owner of the entire asset. The remaining 25% consists of a 52,303 square foot vacant condo space, which was previously leased by Wells Fargo Bank (WFB) and is owned by a different entity, currently being marketed for sale by another firm. Potential buyers are invited to submit purchase offers for the subject property, including the WFB condo, with specified price allocations detailed in a letter of intent. At present, the subject property is 70% leased to a variety of tenants, while the entire building, including the WFB condo, is 51% leased.
View Property Website: https://helloarti.com/view/81051
View Company Website: WWW.NAIExcel.com
Investment highlights
Recent Capital Improvements: The HVAC chiller was replaced in 2016, the roof in 2018, and the elevator system in 2019 providing the new owner with significant remaining useful life and the advantage of having critical building systems still under warranty.
Upside to Occupancy: The property holds promise for boosting revenue, enhancing its value, and increasing investor returns through improved occupancy rates, achieved by implementing aesthetic and technological upgrades.
Proximity to Amenities: The property is within walking distance to North Star Mall, an internationally acclaimed shopping destination featuring over 200 specialty stores and restaurants. Half dozen prominent hotels are located within a half-mile radius of the building.
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