1 Bon Terrain
Introduction
Equity Industrial Partners (EIP), a leading industrial real estate investment and development firm, showcased their expertise in value-add opportunities with the successful acquisition and development of the property at 1 Bon Terrain in Amherst, NH. This case study highlights EIP's strategic vision and commitment to revitalizing industrial spaces through substantial property improvements and successful leasing agreements.
Acquisition and Full Vacancy
In 2021, EIP acquired the property at 1 Bon Terrain. At the time of purchase, the building was fully vacant, and it was owned by FW Webb as a user-owner. Recognizing the potential of the property and its strategic location, EIP set out to transform it into a thriving industrial space.
Leasing Triumph with Alene Candles
In the same year of the acquisition, EIP executed a successful lease agreement with Alene Candles, a prominent candle manufacturer. Alene Candles leased a substantial 208,520 square feet of space. To accommodate the new tenant's requirements, EIP invested in significant landlord's work. The property improvements included separately metered electric and gas services, the installation of new LED lighting, and the removal of cross-bracing in the warehouse space. The total cost of the landlord's work amounted to approximately $500,000, showcasing EIP's commitment to providing top-notch facilities for their tenants.
Lease and Expansion Deal with Novo Building Products
In the same year, EIP also executed a substantial lease agreement with Novo Building Products, a notable company in the building materials industry. The leasing deal involved a remarkable $5.4 million investment in a 30,000-square-foot building expansion to accommodate Novo Building Products' specific operational needs.
Additionally, EIP allocated $250,000 for a full LED upgrade, $90,000 for HVAC upgrades, and $200,000 for the construction of a demising wall. These property improvements further enhanced the functionality and appeal of the space.
Success Story: A Transformed Industrial Hub
The case study of 1 Bon Terrain demonstrates Equity Industrial Partners' prowess in value-add real estate investment and development. The strategic acquisition, substantial property improvements, and successful leasing agreements with Alene Candles and Novo Building Products exemplify EIP's commitment to revitalizing industrial spaces and attracting high-profile tenants.
Conclusion
Equity Industrial Partners' successful transformation of 1 Bon Terrain into a thriving industrial hub highlights their expertise in value-add real estate investment and development. The strategic acquisition, extensive property improvements, and leasing triumph with Alene Candles and Novo Building Products showcase EIP's dedication to creating premier industrial spaces. By investing in substantial property enhancements and securing prominent tenants, EIP has solidified their position as a trusted leader in the industrial real estate market, delivering superior value and performance for their portfolio.
