Identifying a market niche
TWIN LAKES
Opportunity:
This mid 1980's 82,000 square foot two-story office building was designed for large space tenants. A bank foreclosure in a very poor rental market during the R.T.C. era, the building was less than 40% improved and occupied.
Revisioning:
Capitalize on the property's superior proximity to the region's three hospitals and obtain expanded use rights to attract healthcare occupants. Create new floor plans and specific special improvements to accommodate the new "smaller space" healthcare tenants. Re-market the "new" medical office space to the community.
Result:
Midgard met the previously unmet needs of the growing medical service industry by delivering medical office space close to nearby hospitals and major residential populations. The new specialized medical office improvements made an easy transition for new tenants. The offices were leased up quickly at higher rental rates.
