Cordova Professional Complex

Case Study

Cordova Professional Complex

Project Overview

Seven of the eleven buildings in Cordova Professional Complex were acquired by Compass Capital Investments with the strategy of selling them individually.
When acquired, there were three buildings with eight vacancies that needed to be leased and four tenants in two buildings with leases expiring in 2023 and 2024 that needed to be extended.
Significant tenant improvements were needed in most of the vacant suites.
Buildings that had 100% occupancy, with leases expiring after 2024, were able to be sold. Buildings with leases that needed extensions would be sold if they had 100% occupancy and leases were extended. Buildings with vacancies would be sold once occupancy reached 100%.
The loan was paid off in six months, fifteen months ahead of projection. Investors received
distributions in the seventh month, returning 62% of their original investment, five months
ahead of projected distribution date.
The seven buildings were sold for $6,084,000, 14.3% more than projected, in half the time and
achieving a project level IRR of 65.1% and 1.56x equity multiple.

Purchase Date

July 21, 2023

Acquisition Price

$3,500,000 ($74 PSF)

Buildings Acquired (SF)

Seven (47,150 SF)

Project Level Equity Multiple

1.56x

Projected Project Level IRR

65.1%

Hold Period

13 Months

65.1%+ Cash on Cash Return

"I'm impressed with your analysis, presentation material, investment portal, and overall communication since I was first introduced to the investment in Tennessee. I have been a commercial real estate broker for over 35 years and an avid investor for over 25 years. As you know, I have invested in over 20 real estate deals and am always looking to place money. It goes without saying, I look forward to investing in future deals and will let you know if I find a deal that we can work on together. Thank you for letting me be a part of your investment group, and I look forward to many more deals in the future."

"As an active investor in commercial real estate properties across the U.S., I am looking not only for the best return but also for the best experience. Brett Visintainer has provided me with both. His transparency regarding his investment approaches, project challenges, and property progress is clear and responsive. I would not hesitate to invest with him again.”

"Having a front row seat to watch Brett’s depth & breadth of investment diligence has redefined my definition of a real estate investment specialist. There’s a proven ability where Brett finds opportunities to say ‘yes’ along with the patience and discernment in saying ‘no.’ Brett is one investor with whom I would place my own capital with ‘few’ and often ‘no’ questions asked."

"Very simply, Brett Visintainer and the Compass Capital team are one of the best real estate investment firms that we have the opportunity to work with on an ongoing basis. Specifically, Brett is a high-quality and experienced individual who performs with the highest integrity. He communicates consistently and honestly to all involved in the transaction. He takes ownership and responsibility for everything he does. Because of his significant real estate experience, he does a great job analyzing and mitigating project-related risks. Additionally, he has a good feel on how to carefully structure new transactions with the appropriate level of debt and equity. Before embarking on a new project or acquisition, he is very thorough in all aspects of the due diligence process and leaves no stone unturned. This approach to doing everything possible to achieve a good result bodes extremely well for the client, investor, and lender communities."

Case Study