Download PDFIn 2021, an experienced broker and long time friend of HPP approached the firm about a tired listing that had failed to generate significant interest from the market. The property needed to be completely repositioned as the appearance of the building was dated and the improvements suffered from functional obsolescence.
The HPP team designed a reconfigured site plan which greatly increased truck maneuverability and dock loading, the main functional issues with the site. HPP addressed the property’s loading by adjusting the height of the dock platform to conform to modern requirements. By excavating new dock wells at the rear of the property and installing drains and sumps, HPP made the building’s loading an asset that met the modern needs of users in the market.
In addition, the fence line and the rail spur limited the utility of the yard area. The placement of the fence made it very challenging for a truck driver to maneuver a large vehicle. We solved this problem by moving the fence while maintaining the legal setback requirement. Additionally, the rail spur made the side yard of the building unusable. One of our vendors suggested an effective solution which was to repave the property so the rail lines are level with the asphalt. If a future user requires rail, we are just a few jackhammers away from being able to provide rail service.
The property’s physical appearance was also significantly improved with fresh paint on every exterior and interior wall. A mid-century design feature, a breeze block façade at the entrance, lent itself to a pop of color and incorporated this design element into the finished product. The office finishes were completely replaced and restrooms were made ADA compliant and given new fixtures and tile.
Upon completion of the renovation, the property generated strong interest from several high-quality tenants who were attracted to the property’s low building to site coverage, the new functional loading capability and updated mid-century modern appearance. In our experience, quality attracts quality and we ultimately selected a national company which has turned out to be a great tenant.
The various measures taken to bring the property into the 21stcentury and preserve the future utility of the building exemplify HPP’s ability to see value where others do not.
