The Great Recession hit Forest Park hard. This once-bustling eight-building office park saw vacancy soar to 72%. In lieu of foreclosure, the owner handed three of the buildings back to the bank.
Cardinal executed a plan to attract value-seeking national firms looking for Class A call-center space. The plan highlighted available incentives and workforce. In the words of one of the owners, “Cardinal turned a pig’s ear into a silk purse.”
Cardinal partnered with the Thompson family—a Birmingham, Alabama- based family office—to buy one of the buildings in foreclosure. We rebranded the office park and invested in expanded parking, class-A tenant improvements, and an aggressive marketing campaign. While negotiating the acquisition from Regions Bank, we signed a 10-year, 61,000 sf LOI with the American Red Cross. We signed a lease for a 60,000 sf call center, and 11 months later leased the rest of the building to UnitedHealthcare.