CoreNav·Meridian Capital
ACQUIREDiligence & decisionMANAGEOperating intelligenceEXITSale narrative
Project Helios·141 Demo Street Industrial·Meridian Capital·Diligence ends 2026-05-21
9 days leftVDR 84%6 critical
ACQUIRE · Deal Command Centerlive · updated 12 May 11:42 UTCStage: Confirmatory Diligence
Project

Helios — 141 Demo Street Industrial Portfolio

Meridian Capital · Industrial · Phoenix, AZ · Base $82.5M · Diligence ends 2026-05-21 · 9 days remaining

Base price
$82.5M
CoreNav range
$76.2–79.1M
−4.1% to −7.6%
NOI delta
−$390K
stabilized
Critical flags
6
of 18 total
ViabilityRETRADE

Deal is viable with a structured retrade. Primary exposure is the HVAC CapEx reserve gap ($3.2M midpoint). Utility and lease items still need seller response. Recommend $2.7M price reduction or equivalent seller-funded reserve.

Critical findings

view all →
HighRF-01·Operations
Deferred HVAC CapEx likely understated
Impact $3.5M·
86%
Converted to Finding
HighRF-02·Utilities / BAS
Utility savings projection weakly supported
Impact $95K·
74%
Under Investigation
MediumRF-03·Leasing
Year 2 lease rollover concentration
Impact $180K·
69%
Confirmed
MediumRF-04·Insurance
Insurance claims history under-disclosed
Impact $55K·
81%
Needs More Data

Recommended actions

  1. 01Generate seller Q&A for HVAC and utility itemshigh
  2. 02Link HVAC finding to CapEx reservehigh
  3. 03Build retrade packagehigh
  4. 04Reflow downside scenario with elevated reservemed
  5. 05Send HVAC finding to Op Partnermed
  6. 06Schedule IC reviewlow

Latest run

Overnight VDR review
06:04 UTC · 91% confidence

3 new docs · 2 model implications · 4 recommended actions.

3
New
2
Δ
4
Act
Open run result →

Open asks

14 · 3 overdue
  • highDraft
    Provide third-party replacement bids for RTU-3, RTU-5, RTU-7
  • highSent
    Provide 24 months of utility bills and BAS schedule change logs
  • highDraft
    Confirm renewal status and provide estoppel for Tenant #07 (4,200 SF)

Recent activity

CoreNav converted red flag to finding · Deferred HVAC CapEx understated
just now
A. Patel linked finding to pro forma · CapEx reserve
just now
CoreNav detected new vendor contract auto-renewal · HVAC service contract
just now
M. Okafor sent seller q&a · Utility bills + BAS logs
5m ago
CoreNav updated model with hvac reserve adjustment · +$3.2M CapEx
1h ago
CoreNav flagged environmental phase i staleness · Closing condition
3h ago
CoreNav indexed 14 new utility bill pages
14h ago
M. Okafor drafted seller request · Replacement bids
17h ago

Diligence timeline

  1. Apr 29LOI signed · VDR access granted
  2. May 02First import · 1,248 docs · 184 flagged
  3. May 05Initial red flag scan · 7 items
  4. May 08Engineering report reviewed · 3 RTUs EOL
  5. May 10HVAC converted to finding F-01
  6. May 11Seller Q&A Round 2 received
  7. May 12Overnight review · 3 new docs · 2 model moves
  8. May 14IC review (scheduled)
  9. May 18Retrade package to seller (target)
  10. May 21Diligence window closes