INVESTMENT BACKGROUND
| Acquisition Date | June 2011 |
| Property Type | Retail |
| Size | 27,500 SF |
| Business Plan | Value-added re-leasing |
| Joint Venture Partner | Dinosaur Capital Partners |
Guitar Center
Investment rationale
- Retail condominium acquired vacant for $4.05 million
- Acquisition sourced on an opportunistic basis due to bankruptcy of former tenant, Borders Bookstore
- Located at entrance of dominant regional power center in Braintree, Mass., whose anchors include Best Buy, K-Mart, PetSmart, Bed Bath & Beyond, Staples and Babies"R"Us
- Compelling acquisition cost basis of $150/SF, in market with net rents of $22-$30/SF
- Strong market knowledge based on property's location in our "backyard"
status
- Signed 15-year lease with Guitar Center for 100% of property in January 2012
- Refinanced property with $6 million first mortgage in March 2013, returning 135% of investor capital
- Anticipated long-term hold
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