Acquisition:   Point View Shopping Center, Wayne, NJ
Price:              $22.00 million

In August 2007 Cofinance Inc. (“Cofinance”) sold the Point View Shopping Center (“Point View”) to a Clifton, NJ supermarket retailer (“Retailer”), in an off-market transaction for $22.00 million. At the time, Cofinance was sixteen months into its 5-year plan and had already negotiated an early access agreement with Kings Supermarket, the former anchor tenant, to gain possession of its store to accelerate its leasing effort. In addition, Cofinance completed the interior demolition of the space and the installation of a new store front.

Several leases for major portions of the space were close to being finalized when Cofinance contacted the Retailer. The Retailer had always been interested in Point View as a purchaser, not a tenant. However, Cofinance proposed to lease the entire store to the Retailer making it clear that the opportunity would be gone once Cofinance signed the pending leases. The Retailer respectfully declined the lease offer and proposed a purchase.

Acquisition Assumptions