Developers: Destin Log office to 'see better days'
After years of neglect, The Destin Log office building located at 35008 Emerald Coast Parkway will “see better days,” says Louisiana businessman, Destin resident and Real Estate principal Dwayne Hargroder.
Since the purchase in March, Hargroder has initiated several enhancements that will improve the properties marketability and competitiveness within the surplus office market in the Destin area.
"We have a successful track record of renovating and repurposing properties throughout South Louisiana with high occupancies and found this property to have all the attributes and fundamentals necessary for a successful investment," he said.
The location is excellent with a vehicle count of 47,000 per day and the recent monument sign investment with LED advertising begins to bring the building back to life. The office property layout is very efficient with minimal common areas aiding in net rentable area with excellent access to the rear and side streets to traffic lights.
The property did have a new warranted roof, however, with over 36 service calls last year due to the worn out HVAC equipment, but Hargroder and his team made a decision to change out 18 Air Conditioning systems with high efficient components to insure reliability as well as reduce the energy costs to tenants.
"Aesthetically, the building suffered from the numerous cell antennas mounted on the front penthouse tower protruding above the roofline for an undesirable appearance," he said. "These antenna locations also impaired our ability to properly replace and service these penthouse rooftops. It has taken us four months of negotiations with these Tel-Com companies, but we are proud to announce that these front penthouse antenna’s are being re-located to existing roof top mounts."
In order to enhance the front entrance, Hargroder has hired a designer who has created a new front canopy that will have a curved roof radius with Lexan® see through material for an improved experience. Also, to the right of the entrance will be a special lighted water treatment that will be visible from Highway 98.
Upon completion of the antenna removal, the entire building will be re-painted with a cool white exterior color that will modernize the entire appearance and will be enhanced with new landscape provisions and parking lot painting.
The interior is undergoing bathroom renovations with new quartz countertops and new bathroom fixtures replacing the 20-year-old finishes. New tile is being applied in all bathrooms and common areas with elevator interior enhancements as well.
"Although we would prefer to place another bank in the first floor space due to the four drive through lanes and ATM location, we are not opposed to facilitating new medical occupancies," Hargroder said. "We are already in negotiations with a multiple location Louisiana medical provider who would love to open their first Florida location here."
The company has intentionally waited months to launch an aggressive leasing campaign as they are interested in getting the property further along in the renovation process so potential tenants could “see and touch” the improvements.
"We are proud to announce that our first tenant addition is the newly branded Hargroder Real Estate Group, Inc.," Hargroder said. "Our very own real estate company shared with our daughter Victoria. We are excited about our early success in the Destin market, as Victoria has already closed over $1.2 million in sales within the last 45 days. We look forward to sharing like kind results representing buyers and sellers of luxury real estate from Pensacola to Panama City and providing one of the finest office properties in the Destin market."
Fore more information about the Hargroder Real Estate Group, call 337-945-5519 or see www.hargrodergroup.com.