Below you can see some of our projects in the acquisition of value added income properties.
Case Type: Acquisitions
Property Type: Value Added Income Properties
This 12,000 square foot center was acquired in April 2009 from the bankruptcy trustee for Lehman Brothers Bank. The property was well located on a commercial thoroughfare in Smyrna, Georgia, but having been foreclosed in 2008, all aspects of the property were suffering from neglect. The center was 40% occupied and needed immediate attention to issues of deferred maintenance.
The partnership replaced landscaping, made roof repairs, and repainted the center. The existing tenants were signed to new leases and the remaining spaces were filled with new businesses. Less than one year after acquisition, the property is 100% leased, financed with an 80% loan, and has projected cash flow in excess of 25% for the partnership.
Village East Shopping Center was acquired via a note sale from Wells Fargo Bank, N.A. as assignee of LaSalle Bank National Association (“Lender”). The note was purchased in November 2009 and the property was foreclosed the following month. Upon taking title to the property, the partnership negotiated new leases with existing tenants and has executed leases with two (2) new tenants.
The 12,540 square foot property projects income of $150,000 on costs of $800,000. Upon stabilization, the partnership will seek financing to return equity to the investors.
Turn uncertainty into a clear path to success by tapping into the experience of the Jaz Development team.
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