CLOSED INVESTMENT - BERWICK MARKETPLACE
BERWICK MARKETPLACE
Size: 38,368 s.f. retail center
Location: Savannah, GA
Major Tenants: Kroger grocery store (shadow anchor), AT&T, Fuddruckers, Pizza Hut, Subway
Status at Closing:
Date: June 30, 2014
Occupancy: 85%
Purchase Price: $5,900,000
Three-Part Business Plan:
Reposition Tenancy:
Take advantage of improving local market conditions to stabilize and reposition the tenancy.
Reduce Operating Expenses:
Actively manage property (which has suffered thru distressed ownership) utilizing SunCap’s platform and key vendor relationships in order to reduce operating expenses.
Increase NOI:
Increase NOI by approx. 30% over a five year holding period.
Status at Sale:
Date: October 30, 2017
Occupancy: 96%
Sale Price: $7,212,500
Actual Investment Returns:
Equity Invested: $2,450,000
Actual Investor Returns:
10.5% current cash-on-cash
18.8+% IRR over 3.3 year hold
Investment Multiple: 1.65