What does the 1970s-1990s repositioning playbook look like?
Four phases over 24-36 months: Phase 1, acquire at $140-$185/SF through Lee & Associates or direct outreach. Phase 2, spend $15-$25/SF on roof, façade, parking, LED, and dock doors. Phase 3, map every lease expiration, deliver market-rate renewals, execute NNN leases with 3-4% escalations. Phase 4, after 12+ months of documented above-market rents, exit to TIAA/RREEF/CenterSquare at $200-$241/SF and 5.0-5.5% cap.