141 Demo Street
A stabilized industrial asset with embedded upside.

Snapshot · Q2 2026 · Draft v3 · 5 of 5 readers pending

Executive summary

141 Demo Street is a 312,000 SF multi-tenant industrial complex in the Southeast industrial submarket, owned and operated by Meridian Capital since February 2025. Trailing-twelve-month NOI is $5.18M, in line with the original business plan. Three operating-data signals — recurring HVAC repairs, BAS after-hours runtime, and janitorial over-market pricing — are the basis for $401K of identified NOI upside.

The capital plan is 60% complete. Utility savings of 5.6% are real and durable (12 months of operating evidence). Vendor savings of $48K/yr are contractually locked through 2028. The two open items — a submarket rent study and a M&V report — will be complete before listing.

Operating signals

Live monitors flag three classes of risk on the asset: HVAC, BAS, and vendor. Each signal has an associated business case. The HVAC signal — a 19-year-old RTU-3 with 7 service events in 90 days — is the basis for a $1.65M repair-vs-replace case currently under partner review.

• HVAC: 7 events in 90 days on RTU-3 — repair-vs-replace case in flight
• BAS: after-hours runtime in Bldg B is 40% above schedule — recommissioning approved
• Janitorial: above-market by 18% — rebid in market scan phase
• Recoverable expenses: 3 tenants under-leveraged CAM — audit drafted

NOI bridge — Y3 stabilized

From T-12 of $5.18M, the asset bridges to a Y3 stabilized NOI of $6.00M through four identified upside sources and one normalization. The lease rollover mark-to-market at 50% capture is the single largest contributor and is supported by the submarket study (in flight).

What we know the buyer will ask

The red-team review identifies 8 likely buyer objections. Three are mitigated by active engagements. The remaining five are addressed inline below. SeeBuyer Q&Afor the full appendix.