Acquire property that no longer meets the bank’s business needs
NEED
LaSalle Bank initiated a legacy program to dispose of underperforming assets. One particular asset was the Medic Building, which had no leases and was outside of the bank’s core business. But they also desired to have the flexibility to recapture the asset in the future.
Q2 PROCESS
We purchased the property and met the bank’s timeline for disposition. The bank wanted rights to repurchase the property in the event it was required for a broader project, and we agreed. Within 12 months, we had the 10,000 square-foot property fully leased. After about two years, the bank elected to repurchase the building as part of a larger redevelopment program.
RESULTS
The legacy program allowed the bank to focus on its core business, dedicate staff to core functions, and capture capital for other use. Working with us allowed the bank to maximize the asset value, while retaining the option to repurchase at a fair value for a larger redevelopment project.
