Acquired a 130,000 sq/ft Industrial Center in Aug. of 2017 with Wells Fargo Balance sheet loan. Currently, the property is undergoing full as-built plans, modification structural plans for seismic retrofit of the property, architectural enhancements with new paint scheme and metal awnings, roof overlay, security gate, signage for revenue and branding and parcel mapping for exit in multiple stages. Although Alvarado renovation/construction has not started, we are in the process of designing the structural engineering phase. The following is a summary of planned improvements:
Re-drafting as-built plans and X-ray certain critical structural supports to draft the structural engineering to reduce the PML seismic numbers on approximately 105,000 sq/ft to mid-teens with lender and city approval. These plans will be checked by computer simulation programs for effectiveness.
Implement the approved and calculated seismic measures to significantly improve the structural integrity of the buildings.