Poe Companies took over management for Executive Park in 2012, acquiring the property from a distressed seller for less than $40 per square foot.
The occupancy rate was 58% when we put the property under contract, providing for great potential upside. Poe was successfully able to reposition the property by implementing an aggressive capital improvement plan with a solid management and leasing strategy. Given Executive Park’s close proximity to the hospitals, we were able to attract many new medical office users. This led to an unsolicited offer to purchase the property in early 2018.
