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.