Size: 60,780 s.f. retail center
Location: Cumming (Atlanta), GA
Configuration: Bays range in size from 1,200sf – 3,000 s.f. plus a 4,000 s.f. Starbucks outparcel
Major Tenants: Shadow-anchored by The Avenues Forsyth, a 523,000 s.f. outdoor lifestyle center

Status at Purchase:

Date: February 3, 2011
Occupancy: 61%
Purchase Rate: $9,125,000

Four-Part Business Plan:

 Lease-up vacant spaces:
Through an aggressive leasing plan 12 tenants were signed within two years (21,000 s.f.) and taking the occupancy from 61% to 100%.  The remaining two vacant bays are currently under LOI for lease which will take the occupancy to 100%.

Stabilize tenant mix: 
Rents were brought in-line with market.
Replaced weaker tenants with stronger operators.
Minimized accounts receivable issues and stabilized cash flow.

Reduce Operating Expenses:
Renegotiated vendor contracts utilizing SunCap’s existing platform and key vendor relationships. 
Overall operating expenses were reduced by over $50,000 during the first year.

Increase NOI: 
NOI increased by approx. $300,000 (from $850,000 to $1,200,000)  during the first three years.

Status at Sale:

Date: October 10, 2014
Occupancy: 100%
Sale Price: $15,000,000

Investment Returns:

Equity Invested: $3,730,000

Forecast Investor Returns
10+% current cash-on-cash
28+% IRR over 3.7 year hold
Investment Multiple:  2+