Upcoming Projects
X Highbury
Existing shopping center with lower than market rents. 5 credit tenants, 13 national tenants and one ground lease shadow anchored by Target in Salt Lake County, Utah.
-
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