This mid 1980’s 82,000 square foot two-story office building was designed for large space tenants. At the time of the property’s bank foreclosure, the building was less than 40% improved and occupied.
Capitalizing on the property’s superior proximity to the region’s three hospitals, Midgard obtained expanded use rights to attract healthcare occupants. New floor plans were created and specific special improvements were implemented to accommodate the new “smaller space” healthcare tenants. Twin Lakes was re-marketed as the “new” medical office space to the community. The offices were leased up quickly at higher rental rates.
Midgard recognized an additional opportunity to convert the existing office leases to a predominantly medical condominium. Additional improvements were added and the majority of existing tenants purchased the spaces they were occupying.