Asset Class: Industrial/Service Center
Property Size: 90,000 square feet on 4.5 acres
Redevelopment Date: Currently under construction
Viceroy purchased two vacant buildings that formerly housed a printing business. The building presented numerous challenges including 100% vacancy, difficult sub market, and environmental issues related a neighboring owner. The building also had physical challenges, including low clear height, poor column spacing, and dock capacity. After mitigating the environmental issues and physical challenges, Viceroy leased the building on a bond basis for ten years to a service company.
New Development – Build to Suit: After the ten year lease matured with the existing Tenant, Viceroy demolished one of the buildings in order to develop a state-of-the-art service center for a new Chrysler dealership. The tenant is Roundtree Automotive Group out of Shreveport, Louisiana. Roundtree executed a thirty year lease. The building will be completed in late 2012.