Acquisition: Premier purchased this 1970’s era 4 story office building across from Prince William County Hospital from Canadian Life Insurance Co. in 1996. At the time of acquisition, the property was completely vacant and abandoned, and as a result had lost the zoning for which it had been previously grandfathered.
Actions: Premier brought in local counsel to secure the zoning rights, then acted as general contractor in gutting the building to the cinderblock. At that point we cut in new windows, created an upscale lobby, put on a new roof, rebuilt the elevators, painted the exterior with new accent colors, and finally renamed and repositioned the property for leasing.
Results: The property was then leased up and financed with a 20 year fully amortizing loan. We achieved 100% occupancy within the first 2 years and significant positive cash flow over the next 10 years, and the loan will soon be paid off. In the past few years we have lost some tenants due to the economy, but with recent new leasing we are again approaching full occupancy. Additional income is also generated by two national telecommunications companies who are leasing our roof space for their antennas.
Management: Premier has managed this property from the acquisition to the present. Premier continues to oversee all leasing and tenant fit out as well, for this and all properties.
Ownership: The principals of Premier have significant ownership interest in this property.