Goshen Road Distribution Center
4177 NE Expressway
Hammermill Road Distribution Center
The Perimeter Properties portfolio was purchased in the Spring of 2005. The investment totaled 91,500 square feet and consisted of two multi-tenant industrial properties and one 12,500 square foot vacant office building purchased out of bankruptcy.
AIP Properties made significant renovations to the vacant office building at 4177 Northeast Expressway while making minor renovations to the two industrial properties. AIP Properties sold the vacant office building in the Spring of 2007. Based on a weighted average AIP Properties achieved a 29% return on equity for its investors from the sale of 4177 Northeast Expressway.
Permanent debt was placed on the two industrial buildings.