Maximizing an Underutilized Property

PROBLEM

A family partnership owned this 12,000 SF single tenant property leased to the post office for many years. The property, situated on over 1.5 acres of land was underutilized and ideally suited for redevelopment. The current owner was not interested in redeveloping the property himself but wanted to maximize value on the property.

SOLUTION

Lineage Asset Advisors was hired to come up with a redevelopment plan for the asset. Given the proximity to Cal State Northridge LAA identified student housing as the highest and best use for a redevelopment plan on the property.

OUTCOME

LAA structured a sale with the student housing developer who was willing to purchase the property with the existing post office lease in place and plans to redevelop the property once the lease expires. The developer is currently working on entitlements for this project.