INVESTMENT BACKGROUND
| Acquisition Date | 2001 |
| Property Type | Retail |
| Size | 120,156 SF |
| Business Plan | Value-added re-leasing |
| Joint Venture Partner | Saletin Real Estate Group |
Seekonk Towne Center
Investment rationale
- Vacant former K-Mart; acquired vacant leasehold interest for $1.5 million on 14.7 acres at signalized intersection of two state roads
- Acquisition sourced on opportunistic basis because property sat vacant for 11 years
- Partnership was in early discussions with grocer at time of acquisition
- Compelling acquisition cost basis of $13/SF with ability to expand center to 120,000 SF
- Strong local market knowledge based on property's location in our "backyard"
status
- Complete repositioning of asset, which now includes PriceRite, Santander Bank, U.S. Post Office, Ann & Hope Garden Center, Planet Fitness, Dunkin' Donuts and Monster Golf
- Additional square footage, including pad site, has been permitted
- Sold 40% interest in property in 2005, returning 100% of originally invested equity
- Anticipated long-term hold
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