Balentine Park was acquired through foreclosure by Ridge in partnership with Contrarian Capital Management in 2014. The property was 30% vacant, but is a functional, well established office property in the Newark/Fremont market. Due to the financial downturn in the economy, Balentine Park went into receivership for two years and suffered from loss of tenancy and limited capital availability. This was remedied through an aggressive capital plan and improved marketing and management oversight. Balentine Park was transitioned into one of the best options for tenants in the submarket, with ample amenities and excellent access to local and regional transportation options.
Due to the low, all-in, stabilized basis of approximately $135/sf and fully stabilized tenant roster at sale, the investment generated a deal level IRR of approximately 40%.