Lutz, FL · Medical Office

ABOUT THIS TRANSACTION

Bridgewater represented an investment group that purchased this two-tenant, NNN leased medical office building that ultimately provided a 6.7% CAP rate upon sale. The property was on the market for $1.925M and went under contract at $1.9M. Bridgewater was able to negotiate a $90,000 price reduction while under contract due to deferred maintenance and after discovering that the Landlord had not reconciled the NNN fees for several years or raised the rent according to the annual CPI. Reconciliation of NNN fees and reimbursement was obtained from the tenants and the new owner was able to increase the base rent per the then current CPI figures.