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Redlands Mission Plaza, an
approximately 26,000 sqft shopping center and office complex
was acquired for $1,352,000 all cash from GMACC Mortgage
in May 1998 who had acquired it by foreclosure on an approximately
$2,100,000 note. At purchase, it was 78% occupied, with
an NOI of approximately $130,000. As of July 2003, the
property is 85% occupied with a current NOI of approximately
$243,000. As of December 2006, the property is 97% occupied
with an NOI of approximately $331,000. |
