CLOSED INVESTMENT - LAKE WASHINGTON SQUARE
LAKE WASHINGTON SQUARE
Size: 112,057 s.f. retail center
Location: Melbourne, FL
Major Tenants: New LA Fitness and Thrifty Produce (specialty grocer) Dollar General, Tuesday Morning
Status at Purchase:
Date: December 20, 2013
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.
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 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