Acquisition: Point View
Shopping Center, Wayne, NJ
Price: $16.63 million
In January 2006, Cofinance Inc.,
(“Cofinance”) completed the purchase of
Point View Shopping Center (“Point View”)
located in Wayne, New Jersey.
Point View’s 77,750 SF was 45% vacant due
solely to the anchor tenant, Kings Super
Market (“Kings”), closing its store. Kings
was obligated to pay rent through October
2007. Cofinance was awarded the deal after
the Vice Chairman of a global real estate
brokerage firm personally pledged to the
seller his confidence in Cofinance’s ability
to close. Cofinance’s offer was ultimately
accepted when other purchasers at
significantly higher offers lost interest
because of a difficult seller. Cofinance, in
joint venture with an institutional client
of a fund advisor, purchased the site with
the intent to reposition the 35,000 SF
vacant store by dividing the space and
releasing to multiple tenants.
Tenants at
Point View include Outback Steakhouse and MSLE/Century 21, among others. Outback
Steakhouse gross sales at Point View are
among the highest in the entire Outback
chain.
Investment Highlights
|
 |
Purchased Point View in joint
venture with an institutional
fund advisor that placed the
investment with a REIT. |
|
|
Secured a non-recourse first
mortgage through an
international insurance company
for 75% of the total capital
requirement with an additional
commitment to fund 75% of future
construction costs to reposition
property. |
|
|
Leveraged IRR was projected to
be 30.71% within a three (3)
year period. |
Sprout
Brook
- NJ >
Retail Acquisitions