BERWICK MARKETPLACE
BERWICK MARKETPLACE
Date: December 24, 2014
Type: Class A mixed-use center (retail/office)
Location: Atlanta (Buford), GA
Purchase Price: $6,825,000
Property Description:
62,453 s.f. retail center Atlanta (Buford), GA Class A mixed-use center (retail / office) 2008 construction
Status at Purchase:
December 24, 2014 64% $6,825,000 Purchased from lender for less than half of original development cost ($109 psf vs. $240 psf) Implement aggressive marketing plan. Take advantage of lower cost basis to reduce rents to market ($14 – $18 psf vs. original developer asking $30 psf) Actively manage property (which has suffered thru distressed ownership) utilizing SunCap’s platform and key vendor relationships in order to reduce operating expenses. Double the NOI over a five year holding period. $2,779,000 6% (year 1) to 15+% (year 3) current cash-on-cash 20+% IRR over five year hold Investment Multiple: 2.5
