Deep Run III the former 383,000 Square Foot abandoned Circuit City Head Quarters building was contracted for during the Second Quarter of 2011 by Spilman Short (DRV,LLC) from C-III post foreclosure. The base price for this asset was $12,402,570 or $32 PSF. Short secured an Equity Joint Venture Partner in Markel Eagle Partners .Together they secured bridge financing to close in October 2011.Upon defining all cost to totally renovate this asset to a Trophy Class A project including a full service cafeteria, constructing a two story parking deck, Fitness Facility, new landscaping and exterior improvements ,new elevators and HVAC and mechanical systems the lease up begin in late 2012.The total cost as defined was $41,000,000 or $107 PSF. The leasing& renovation effort spearheaded by Short secured Travelers Regional Headquarters, Essex Bank Headquarters and numerous other Credit Tenants.
Short was subsequently bought out by Markel Eagle the project as of 2014 was 100% leased and has a projected market value of $52,000,000 or $135 PSF representing a Cash on Cash ROI of 41%.