CLOSED INVESTMENT - LAKE WASHINGTON SQUARE

LAKE WASHINGTON SQUARE

Status at Purchase:

Date: December 20, 2013
Occupancy: 92%
Purchase Price: $13,350,000

Four-Part Business Plan:

Implement Capital Improvements Plan:
Upgrade common areas to improve curb appeal, including fade renovation, new monument signage, parking lot improvements, and landscaping. 

Reposition Tenancy:
Take advantage of new anchors (LA Fitness / Thrifty Produce) to improve marketing the in-line spaces and improve lease rates from the current average rents of $8.00 psf to $16.00 psf. 

Reduce Operating Expenses:
Renegotiate vendor contracts utilizing SunCap’s existing platform and key vendor relationships in order to reduce  operating expenses.

Increase NOI:  
Increase NOI by approx. 40% over a five year holding period.

Actual Investment Returns:

Equity Invested: $2,450,000

Actual Investor Returns: 
10+% current cash-on-cash
17.1% IRR over 5 hold
Investment Multiple:  2.0