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Forest Park

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THE PROBLEM

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.

THE SOLUTION

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.”
THE STORY

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.
CHALLENGES
A financial crash As a banking town, Charlotte was hard hit—Brokers called Forest Park a "ghost town"
Foreclosures Banks were unwilling to spend on improvements and commissions

Project Highlights

23% cash-on-cash return over 5 years

Building acquired at 50% less than replacement value

92% leased within 3.5 years

I expect everyone that works with Faison to deliver exceptional value. John and his team led efforts on three substantial lease deals, and two build to-suit office buildings for us at Forest Park. John did a commendable job. I would certainly recommend Cardinal to others, and look forward to the experience of working with them again.
Henry Faison, Faison Enterprises, Inc., former owner of Forest Park
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