CURRENT INVESTMENT – NORTHRIDGE BUSINESS CENTER
NORTHRIDGE BUSINESS CENTER
Size: 174,506 s.f.
Location: Charlotte, NC
Description: Multi-tenant industrial property with 33 bays
Status at Purchase:
Date: December 23, 2020
Purchase Rate: $18,500,000 ($106 psf / 6.9% cap rate)
Implement Capital Improvements Plan:
Address significant deferred maintenance.
Lease large vacancy.
Actively manage property utilizing SunCap’s platform and key relationships in order to increase NOI by 34% over the five-year holding period.
Forecast Investor Returns:
8+% current cash-on-cash
14+% IRR over five year hold
Investment Multiple: 1.8