Looking for Equity for commercial retail portfolio purchase
118k Sq/Ft divided between strip centers with a solid mix of national/regional tenants and standalone dollar generals. 24 tenants in the retail centers 4 stand alone DG's
90+% NNN/NN leases
Blended cap of 8.44% projected to go to 9.8% in 5 years.
75% leveraged
Preliminary terms sheet: 4.9%, 36mo I/O period, 15 year fixed period, 30 year am, non-recourse, defeasance prepayment, assumable. LifeCO money
Current NOI $1,161,000
5yr projected $1,350,000 (based on one vacncy filled and rent hikes in current lease agreements)
$13,750,000 purchase price
$3,953,000 equity required (3.4m for purchase, 515k goes to closing and cap reserve costs)
Cap reserve of $1/sq ft/yr for two years
I will be putting over 500k into this deal.
PM with real world contact info
*This is not a solicitation for the sale of a security, merely an invitation to discuss investment objectives and evaluate a project. Any offer for sale of a security will be made in writing in accordance with SEC regulations.