$2.5 million renovation and aggressive marketing campaign stabilize aging asset in a down market – lifting occupancy from 35% to 95%
Ralph Borelli, Chairman
Borelli Investment Company
2051 Junction Avenue #100
San Jose, CA 95131
Fremont,Calif.,May 27, 2011- Borelli Investment Company has offeredFremontBusinessPark- a three-building, two-story, 120,000 sq. ft. office complex near the Pacific Commons shopping center in southernFremont- for sale for $13.4 million. Once a buyer is found and the transaction closes, that will complete a remarkable turnaround in today’s challenging economy for an asset that was significantly distressed just 18 months ago.
In mid 2009, company chairman Ralph N. Borelli convinced the office complex’s ownership group to invest additional capital at a time when few were taking that risk. The sweeping $2.5 million renovation modernized both interiors and exteriors and included professional entries with tiled floors, bright corridors with new carpets, upgraded restrooms with granite countertops, energy efficient and safer LED exterior lighting, an on-site fitness facility, common conference room, and creation of many new spaces including micro-offices as small as 375 sq. ft. Fremont Business Park also offers tenants an affordably priced, high-speed, fiber optic Internet service and free membership in TEAM Christy, business-acceleration and mentoring group led by Vistage International.
With the makeover complete, Borelli Investment Company launched an aggressive marketing effort that included a micro-web site with an active and well-read blog, marketing collateral, e-mail updates to prospects, a blog posting or e-mail each time a new tenant signed, and significant outreach to the city ofFremontand local brokers. Occupancy soared, with 60 transactions over an 18-month period, increasing from a low of 35% to the complex’s current 95%. Add in the complex’s prime location near I-880, shopping and services, and the Fremont Auto Mall – and suddenly,FremontBusinessParkis a hot property.
“We’ve worked hard to enhance and stabilize this asset in an exceedingly difficult environment,” said Borelli. “It required investor faith to provide an influx of funds – together with creative marketing and leasing – but it has allowed us to time the sales offering for when it looks like real estate may be ready to move again – rather than losing time trying to rejuvenate the property after the fact.” Borelli further noted that the $13.4 million sales price is 40% of what it would cost to build a similar complex from the ground up in today’s market.FremontBusinessParkis located at 42840 and42808 Christy Streetand42501 Albrae StreetinFremont.
For information related to the sale, contact Buddy Parsons, president of Borelli Investment Company, at email@example.com, or call (408) 453-4700.