Shopping Center, Phoenix, AZ
- Site / Location: 3131 E Thunderbird Road
- Square Feet: 128,097
- Select Tenant(s): Walgreens, Vasa Fitness, H&R Block, Subway, FastMed Urgent Care
- Project Type: Outparcel Development and Multi-Tenant Strip Center
- Year Acquired: 2021




Burger King, Phoenix, AZ
- Site / Location: 1645 W. Bell Road
- Square Feet: 3,200
- Select Tenant(s): Burger King
- Project Type: Single-Tenant Ground Lease
- Year Acquired: 2018




Bank of America, Cupertino, CA
- Site / Location: 21020 Homestead Road
- Square Feet: Approx. 6,000
- Select Tenant(s): Bank of America
- Project Type: Single-Tenant Ground Lease
- Year Acquired: 2018



Site Plan, Hayward, CA
- Site / Location: NEC Whipple Road and Wiegman Road
- Square Feet: 5,000
- Select Tenant(s): Currently for Lease
- Project Type: Build to Suit or Ground Lease
- Year Acquired: 2018
Verizon Wireless, Redding, CA
This property is a pad to a shopping center that includes Michael's, Cost Plus World Market and Best Buy. The site is surrounded by a dense concentration of retail centers within a 1.5 mile radius. This property is located in the heart of Redding's primary retail trade area, one block from Mt. Shasta Mall, the area's premier regional mall that is home to over 80 retail stores and anchored by Macy's.
- Site / Location: 1094 Hilltop Drive
- Square Feet: 3,800
- Tenant(s): Verizon Wireless
- Project Type: Build to Suit
- Year Acquired: 2017



Shopping Center, Littleton, CO
- Site / Location: 1500 W Littleton Boulevard
- Square Feet: 93,889
- Select Tenant(s): Dollar Tree, Sherwin-Williams Paints
- Project Type: Multi-Tenant Strip Center
- Year Acquired: 2021



Shopping Center, Jacksonville, FL
- Site / Location: 10320 Shops Lane
- Square Feet: 102,979
- Select Tenant(s): Dollar Tree, Chuck E. Cheese’s, Escapology, Haverty’s
- Project Type: Outparcel Development and Multi-Tenant Strip Center
- Year Acquired: 2021

PDQ, Deerfield Beach, FL
- Site / Location: 3333 W. Hillsboro Blvd.
- Square Feet: 3,300
- Tenant(s): PDQ
- Project Type: Single-Tenant Ground Lease
- Year Acquired: 2018




Outback Steakhouse & Mattress Firm, Pensacola, FL
The subject property is approximately 153,000 square feet of undeveloped land, located at the southeast signalized intersection of Airport Boulevard and North Davis Highway. The intended development includes the construction of 13,000 SF of building and a ground lease. The property is ideally positioned at the southern gateway to University Town Plaza and the eastern gateway to Cordova Mall, Sacred Heart Medical Center, Washington High School, Pensacola State College, and the Pensacola Airport. Some of the major businesses in the area include Beall’s Department Store, JoAnn Fabrics, Hobby Lobby, Kirkland’s, Barnes & Noble, hhGregg, Sports Authority, Sam’s Club, Lowe’s Home Improvement, The Home Depot, Michael’s, Target, Office Depot, Publix, Rave Motion Pictures, and La-Z-Boy Furniture. Tenant delivery 2015.
- Site / Location: Airport Blvd. & Davis Highway
- Square Feet: 6,500 & 7,000
- Tenant(s): Outback Steakhouse & Mattress Firm
- Project Type: Adaptive Reuse
- Year Acquired: 2012

Shopping Center, Orlando, FL
Millenia Plaza, Orlando, FL
Property Type
Retail, Strip Center
Region
Southeast
Strategy
Develop-to-Core
Investment Structure
Joint Venture
Acquired
4Q 2015 Square
Footage
18,900
Number of Tenants
6
Tenant Sector
Restaurants, Furniture, Consumer Electronics
Type of Lease
Net
Disposition Price
$16,570,000
Investment Summary
We acquired this asset through a preferred long-term relationship with Target Stores. The asset was 3.1 acres of vacant outparcels to a Super Target anchored center, known as Millenia Plaza. We constructed 3 buildings on 3 parcels with long-term, corporately backed leases. Located in the 23rd largest U.S. metro, the asset draws from a retail trade area that consists of 1.5 million people with a potential for retail expenditures north of $5 billion. The asset is situated at the gateway to Millenia Plaza benefiting from excellent visibility along Millenia Blvd and has a signalized entrance to the larger center. The asset is near the Mall at Millenia, the #1 mall in the state of Florida and top-ten in the US (anchored by Neiman Marcus, Bloomingdale’s, and Macy’s, including Chanel, Gucci, Prada, Louis Vuitton, Tiffany & Co, Burberry, and Jimmy Choo). We closed the acquisition with executed leases, approved permits, a guaranteed-maximum construction contract, and financing in place. We employed a Develop-to-Core asset investment strategy, thus we planned to sell the asset soon after the tenant opens.
Value Creation
Acquired the asset below full-market price while competing against 20 prospective buyers due to a preferred long-term relationship with Target Stores. Executed 10-year net leases with creditworthy national tenants, including average rent psf of $51. Constructed three new buildings under budget and tenants opened for business on schedule. Subdivided the acquired acreage into 3 assets, increasing the buyer pool and commanding a higher price, exceeding the targeted sales price by 20%.
Performance
Going-in cap rate 8.2%
Loan to value 54%
Net IRR 43%
Disposition date 3Q 2017
Term held (quarters) 7
Shopping Center, Canton, GA
- Site / Location: 108 Riverstone Pkwy
- Square Feet: 125,000
- Tenant(s): Ingle’s Market, Staples, Aaron Rents, Metro PCS, Planet Fitness, Sherwin Williams, Dollar Tree and more
- Project Type: Value-Add
- Year Acquired: 2017



Shopping Center, Bradley, IL
- Site / Location: 108 Riverstone Pkwy
- Square Feet: 125,000
- Tenant(s): Ingle’s Market, Staples, Aaron Rents, Metro PCS, Planet Fitness, Sherwin Williams, Dollar Tree and more
- Project Type: Value-Add
- Year Acquired: 2017



Crestwood, IL
- Site / Location: 13235 S. Cicero Ave.
- Square Feet: 6,517
- Tenant(s): Starbucks, Mattress Firm
- Project Type: Multi-Tenant Shopping Center
- Year Acquired: 2015
Shopping Center, Oak Park, MI
- Site / Location: NWC of Coolidge Hwy and 9 Mile Road
- Square Feet: 100,000
- Tenant(s): CVS, Save-a-Lot, Cricket Wireless, SVS Vision and more
- Project Type: Value-Add
- Year Acquired: 2017



Palatine Plaza, Chicago, IL
Palatine Plaza, Chicago, IL
Property Type
Retail, Strip Center
Region
Midwest
Strategy
Develop-to-Core
Investment Structure
Joint Venture
Acquired
2Q 2016 Square
Footage
12,700
Number of Tenants
3
Tenant Sector
Restaurants, Consumer Electronics, Furniture
Type of Lease
Net
Disposition Price
$8,100,000
Investment Summary
We acquired this asset off-market by touring and analyzing the market, then proactively contacting the owner. The asset was 1.5 acres of vacant land on the intersection of the market’s two preeminent thoroughfares with outstanding visibility. We subdivided the parcel to construct 3 buildings on 3 parcels with long-term, corporately backed leases. Located in the 3rd largest U.S. metro, this affluent submarket is approximately 30 miles from Chicago’s CBD and characterized by a diversified economy and deep labor pool. The asset is situated in the middle of 850,000 square feet of retail space that is anchored by Walmart, Target, TJ Maxx, HomeGoods, Petco, Aldi, Hobby Lobby and Ross among many others. We closed the acquisition with executed leases, approved permits, a guaranteed-maximum construction contract, and financing in-place. We employed a Develop-to-Core asset investment strategy, thus we planned to sell the asset soon after the tenant opens.
Value Creation
Acquired the asset off-market. Executed one 15-year and two 10-year net leases with creditworthy national tenants, realizing an average rent of $38 psf. Subdivided the acquired acreage into 3 parcels. Obtained Tax Increment Financing from the jurisdiction. Constructed three new buildings, with the tenants opening for business on schedule. Exceeded the targeted sales price by 3%.
Performance
Going-in cap rate 7.1%
Loan to value 68%
Net IRR 17%
Disposition date 1Q 2018
Term held (quarters) 7
Biddeford, ME
- Site / Location: 6 Old Dogs Lane, Biddeford, ME
- Square Feet: 15,000
- Tenant(s): Dunkin' Donuts, Five Guys, US Cellular, Firehouse Subs, Sports Clips, Mattress Firm, GameStop
- Project Type: Multi-Tenant Shopping Center
- Year Acquired: 2016





Fayetteville, NC
- Site / Location: 2050 Skibo Rd.
- Square Feet: 8,900
- Tenant(s): Habit Burger, T-Mobile, Aspen Dental
- Project Type: Multi-Tenant Outparcel
- Year Acquired: 2017





Shopping Center, Solon, OH
- Site / Location: 6025 Kruse Drive
- Square Feet: 182,334
- Select Tenant(s): Old Navy, Bed Bath & Beyond, Ulta Beauty, Lumber Liquidators
- Project Type: Outparcel Development and Multi-Tenant Strip Center
- Year Acquired: 2021





Planet Fitness, Salem, OR
- Site / Location: 5240 Commercial Street Southeast
- Square Feet: 23,310
- Tenant(s): Planet Fitness
- Project Type:
- Year Acquired: 2019
Beavercreek, OH
- Site / Location: 2440 N. Fairfield Road
- Square Feet: 55,000
- Tenant(s): Hobby Lobby
- Project Type: Build to Suit
- Year Acquired: 2015
Shopping Center, Bethel Park, PA
- Site / Location: 5110 Library Road
- Square Feet: 7,500
- Tenant(s): Starbucks, Supercuts, Mattress Firm
- Project Type: Multi-Tenant Strip Center
- Year Acquired: 2015
Shopping Center, Butler, PA
- Site / Location: 360 New Castle Rd.
- Square Feet: 58,950
- Tenant(s): Dick's Sporting Goods, Starbucks, Aspen Dental, Mattress Firm
- Project Type: Out Parcel Development and Reverse Build to Suit
- Year Acquired: 2013
Shopping Center, North Richland Hills, TX
- Site / Location: 2050 Skibo Rd.
- Square Feet: 8,900
- Tenant(s): Habit Burger, T-Mobile, Aspen Dental
- Project Type: Multi-Tenant Outparcel
- Year Acquired: 2017



Shopping Center, Richmond, VA
- Site / Location: 5700 Hopkins Road
- Square Feet: 180,000
- Select Tenant(s): Walmart, Gold’s Gym, Wendy’s, Wells Fargo, DaVita Dialysis, Firestone, CSL Plasma
- Project Type: Outparcel Development and Multi-Tenant Strip Center

Shopping Center, Wheeling, WV
Wheeling, a city in Northern West Virginia in Ohio and Marshall counties, is located on what is known as the northern panhandle. The subject parcel is located in The Highlands shopping, dining and entertainment complex just east of Wheeling, WV in Triadelphia, WV. This is a master planned development that has been underway for 10 years. Tenant delivery 2014.
- Site / Location: US 70 & Cabela Drive, Lot 7B
- Square Feet: 14,850
- Tenant(s): Mattress Firm, Kay Jeweler's, GNC, Sally Beauty, Five Guys Burgers, Great Clips, Sprint
- Project Type: Build to Suit
- Year Acquired: 2014