RECENT INVESTMENT - TURTLE CROSSING
Type: 99,174SF shopping center
Location: Coral Springs, Florida
Purchase Price: $27,350,000
Size: 99,174 s.f.
Location: Coral Springs, FL
Major Tenants: Super Target (shadow), Tuesday Morning, Buffalo Wild Wings, Auto Zone, Visionworks, Panda Express, Chipotle, Jersey Mikes, AT&T, Panera Bread, GNC, Game Stop
Status at Purchase:
Date: March 3, 2017
Purchase Price: $27,350,000 ($276 psf / 7.15% cap rate)
Three-Part Business Plan:
Lease vacant spaces and stabilize tenancy.
Reduce Operating Expenses:
Actively manage property utilizing SunCap’s platform and key vendor relationships in order to reduce operating expenses.
Improve NOI by 26% over the five year holding period.
Equity Invested: $10,454,000
Forecast Investor Returns:
9+% current cash-on-cash
17+% IRR over five year hold Investment Multiple: 2.0