- Build-to-Suit & Lease
- Development & Ownership
Purchase Date: August | 2013
Purchase Price: $6.4 million
Equity: $1.2 million
- Balanced special-purpose build-to-suit occupancy with market rents and competitive investor returns through development incentives
- Real-estate solutions to strategic business plan
Founded in 1961 as Trans-Coil International (“TCI”) has evolved over the many year to remain technically superior in manufacturing, electronic and magnetic products to resolve power quality and harmonious issues associated with industrial power conversion. This specialized use required the flexibility for change as growth to maintain its competitive position.
Irgens’ approach to ensuring real estate value is to consider the long-term outlook for occupants and investors. Those considerations included balancing the operational requirements for this build-to-suit special purpose occupancy with ensuring standardized returns for the investors.
Irgens provide a combined free, testing and manufacturing facility complimentary to existing uses and allowing for TCI’s panned incremental growth. This flexibility and cost effective solution gave company leadership confidence in selecting Irgens for their long term real estate solution. Irgens was able to address some of the unique infrastructure requirements through economic development investment by the local municipality. In addition to this contributing to a market lease rate, equity investors were able to achieve a competitive return.