Finish Line Auto Storage
TR Funding acquired this vacant 60,000 square foot industrial building on 5.2 acres for $12.2 million. Formerly occupied by Volkswagen of North America, the asset was repositioned from a single tenant property into a multi-unit collector car storage facility under the name Finish Line Auto Storage.
An extensive 12 month renovation was completed that included:
- Completed a multi-million dollar interior and exterior renovation.
- Subdivided the building into 17 auto spaces and a separate office building.
- Recorded a condo map on entire project.
- Presold 100% of available units in less than 30 days.
- Entitled excess land for additional 20,000 square feet of auto storage space.
- Pre-sold over 75% of new building prior to breaking ground.
- Closed escrow on over $21 million of condo sales in first phase.
- Phase II estimated value at $9 million.
