150 Ocean Road
Introduction
Equity Industrial Partners (EIP), a prominent industrial real estate investment and development firm, demonstrated their expertise in value-add opportunities with the successful acquisition and development of the property at 150 Ocean Rd in Greenland, NH. This case study highlights EIP's strategic vision and commitment to nurturing long-term relationships with their tenants.
Acquisition and Initial Occupancy with Nike
In 2009, EIP acquired the property at 150 Ocean Rd as a sale-leaseback arrangement with Nike. At the time of purchase, Nike occupied the building with their Bauer Hockey and Cole Haan affiliates. Notably, the building had been originally constructed by Lewis Heafitz, co-founder of EIP, adding a personal connection to the property.
Expansion and Consolidation with Cole Haan
In 2013, Cole Haan, one of Nike's affiliates, underwent privatization and expanded into the entire building, consolidating their operations in the space.
Long-Term Lease and Headquarters Relocation
In 2016, EIP successfully negotiated a 10-year lease deal with Cole Haan, persuading them to relocate their headquarters from New York to Greenland. As part of this deal, Cole Haan undertook a gut renovation of the premises to create a state-of-the-art headquarters tailored to their needs. The move to Greenland represented a significant strategic decision for Cole Haan, and EIP's ability to secure such a deal exemplifies their dedication to fostering long-term partnerships with their tenants.
Success Story: A Premier Corporate Headquarters
The case study of 150 Ocean Rd exemplifies Equity Industrial Partners' prowess in industrial real estate investment and development. The strategic acquisition, expansion, and successful leasing agreement with Cole Haan showcase EIP's commitment to delivering premier industrial spaces and nurturing strong tenant relationships.
Conclusion
Equity Industrial Partners' successful transformation of 150 Ocean Rd into a premier corporate headquarters highlights their expertise in value-add real estate investment and development. The strategic acquisition, expansion, and long-term lease agreement with Cole Haan demonstrate EIP's dedication to creating exceptional industrial properties. By investing in substantial tenant improvements and securing high-profile tenants, EIP has solidified their position as a trusted leader in the industrial real estate market, providing superior value and performance for their portfolio.
