AGAVE BUSINESS CENTER
Acquired in February of 2014, Agave Center was purchased from a firm that was selling assets owned by an existing fund that was approaching the end of its fund life. With in-place contract rents at 7-9% below market rates, the combination of flex (Agave Business Center), Class A office (Agave Corporate Center), and single story back office buildings (Agave Executive Center) at the property provided an opportunity for repositioning. The diversity of the project allowed for various exit opportunities that included the sale of Agave Business and Corporate Centers after stabilizing the properties at 100% and 94%, respectively. DIG anticipates stabilizing occupancy at Executive Center over 80% and exiting the third pillar of this investment to achieve a return on its investment.