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Twentynine Palms Plaza, a
Stater Brothers/Rite Aid anchored shopping center located
in Twentynine Palms, California was acquired for $255,000
all cash. The NOI at time of purchase was $40,000 which
represented a cap rate in excess of 15% at the 59% occupancy.
The purchase price of this 16,000 square foot property
equates of $16.00 per square foot. The property was acquired
from its developer by way of a discounted payoff of an
$800,000 note held by an insurance company. As of July
2003, current occupancy is 90%, and NOI is approximately
$70,000. Approximately $100,000 has been invested in capital
improvements and tenant improvements for long term leases.
As of December 2006, current occupancy is approximately
95%, and NOI is approximately $80,000. |
