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Some see what’s standing there.We see what it could be.

P3 PropertiesWork

Office value-add · Sold

Broadacres Office Park

We put four aging office buildings under one brand and raised occupancy from about 72% to about 95%.

Bloomfield, NJ385,000 SFBought March 2017Sold, May 2021

The pond and fountain at Broadacres
The pond and fountain at Broadacres
Purchase price, March 2017
Sale price, May 2021
Hold
Levered net IRR

Where we found the value

  1. Identity

    We put four separate buildings under one brand, with new signs and wayfinding.

  2. Use of the site

    We added a ShopRite ground lease on the campus, a second source of income.

  3. Operations

    A gym, a café and more than 20 leases took occupancy from about 72% to about 95%.

  1. 01What we saw

    Four aging buildings with no shared identity.

    An aging four-building office campus at roughly 72% occupancy, with no identity of its own. It was under-leased and under-maintained.

    ~72%
    Occupied at purchase

    Core value in practiceChallenge Every Assumption

  2. 02What we thought

    See the campus as one place.

    One brand across four buildings, amenities a tenant would choose, and a separate stream of income from a ShopRite ground lease.

    Core value in practiceCreative Advantage

  3. 03What we did

    New amenities and more than 20 leases.

    We modernized the common areas and restrooms, added a gym and a café, redid the signs and wayfinding, and signed more than 20 mid-sized leases. Occupancy rose from about 72% to about 95%.

    ~72% → ~95%
    Occupancy during ownership

    Core value in practiceRelentless ExecutionImmediate Responsiveness

  4. 04What changed

    Sold for $52.8M in May 2021.

    Broadacres sold in May 2021 for $52.8M, against the $31M we paid four years earlier.

    $31M
    Purchase price
    $52.8M
    Sale price
    20.37%
    Levered net IRR, March 2017 to May 2021

In photographs

  • The pond and fountain at Broadacres

  • A Broadacres office building

  • A walkway across the Broadacres campus

For invited investorsThe full file on Broadacres Office Park is private.Investors we have invited can see it, with its documents, after signing in.Investor login

Purchase, sale and recapitalization figures are property-level prices, not investor proceeds or multiples. Levered net IRRs are as reported by P3, net of expenses including P3’s 30% carried interest; no management fee was taken.

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