Highlights
This Class A office asset represented a rare chance to acquire a premier property at below replacement cost in a thriving, affluent submarket. Key features included:
- Outstanding visibility location with over 150,000 vehicles daily.
- Seamless connectivity to Lee, Collier, and Charlotte Counties, and RSW International Airport
- Modern construction: Hurricane-code-compliant concrete tilt-wall structure, and energy-efficient glass
- Exceptional finishes: Tray ceilings, solid core doors, marble floors, custom woodwork, upgraded trim and lighting.
- Tenant appeal: Proximity to restaurants, coffee shops, banks, and fitness centers; a professionally managed environment designed for business success.
Challenge
CM-CRE Real Estate Fund was actively seeking compelling investment opportunities in Southwest Florida — properties that could be acquired at prices well below replacement cost, in exceptional locations, with newer construction and the potential for significant value-add within 12 to 18 months. Their goal was to identify assets offering:
- High visibility and premier locations
- Modern construction and features
- Opportunities to enhance value through lease-up, renovations, or repositioning
To achieve this, CM-CRE engaged Mayhugh Commercial Advisors to locate off-market opportunities that would not only meet these criteria but also provide a strategic advantage in one of the fastest-growing regions in Florida.
What we did
Mayhugh Commercial Advisors drew on its deep roots in the community and decades of experience in the Southwest Florida market. Leveraging a proprietary database of property owners, investors, and developers, combined with long-standing personal relationships, Mayhugh initiated a highly targeted outreach campaign. Within just a few weeks:
- Mayhugh sourced multiple off-market opportunities that aligned with CM-CRE’s investment strategy.
- Comprehensive analyses were presented to the client, including underwriting, market comparables, and detailed site evaluations.
- Mayhugh facilitated direct negotiations with property owners to position CM-CRE advantageously.
Among the opportunities surfaced, one stood out: the Renaissance Office Building.
Result
Mayhugh Commercial Advisors successfully identified and secured the Renaissance Office Building on behalf of CM-CRE Real Estate Fund. Acquired at a price well below replacement cost, the investment delivered immediate value while positioning CM-CRE to capitalize on significant upside potential. With opportunities for lease-up, rent growth, and enhanced net operating income within a 12–18 month target window, the property is well aligned with the fund’s value-add strategy. The acquisition also enables CM-CRE to benefit from the area’s ongoing growth, strong tenant demand, and constrained new office supply.
