X Highbury

• Shadow Anchored by Target (opened in 2018, Target owns their real estate)

• Assuming current loan, which is 4.25% interest rate

• Purchase price 250/SF. replacement cost would be over 450-500/SF

• 100% leased and all Tentants paying rent

• Tenants leases are average 30% lower than current market. 

• 8% Investor Preferred Return

• IRR 21.0% (without "Cherry's on Top")

• 2.2x Equity Multiple (yr 6). 

• Bonus Depreciation allows for large (loss) in yr 1 (approx 50-60% of investment amount)

• 5 Credit Tenants, 13 National Tenants, 12 Class A Tenants, 1 ground lease

• Built between 2014-2018 (this is attractive because its new enough on the design, but old enough to have low rents that didn't keep up with the market

• 7 "Cherry's on Top" which are ways this project can exceed proforma projections

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Click here for Offering Memorandum