Mercantile Business Center

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.