Investments

Southwell Place was acquired in Q2 2020 through an off-market transaction at a compelling basis, where Forager identified an underutilized industrial site in a land-constrained submarket lacking office-condo supply. The project was repositioned into a 29-unit Class A flex commercial-industrial condominium. All units were successfully sold, ultimately achieving pricing approximately 1.2× above the underwritten exit value. Southwell Place marked Forager’s first strata-condo exit and validated our differentiated investment thesis and execution-driven approach.

Forager sourced this high-visibility, 7.1-acre corner parcel on an off-market basis and pre-leased 100% of the 170,000 square foot distribution center prior to acquisition. With close proximity to Highway 401, Forager joins major property investors, developers, manufacturers, and tenants already capitalizing on the growth opportunity in this strategic market.

Acquired in early 2022, the 88,000-square-foot Mercantile Business Center was underwritten around a simple thesis: a prime infill Sunbelt location, clear value-creation opportunity, and a disciplined cost basis. Through active asset management, Forager tripled NOI from approximately $0.5 million to $1.5 million by executing over 100,000 square feet of leasing and fully stabilizing the property. The rent roll was transitioned to institutional-grade NNN leases, while targeted capital investment and a permitted 15,000-square-foot expansion further enhanced value and liquidity.