GAR Retail Center

4345 W. Fairfield Drive and 4480 & 4500 Mobile Hwy | Pensacola, FL

Commercial Retail Center


Details

Date Purchased: May, 2010
Purchase Price: $2,787,426
Sale Price: $5,871,900
Sale Date: May, 2011; June, 2012; December, 2012
Holding Period: 2 years
Initial Investment: $975,000
Investor Proceeds from Sale: $2,716,302
Internal Rate of Return: 76.38%

Completed Business Plan

  • Purchased the senior note on the project at a discount from the construction lender
  • Swiftly foreclosed on the existing Borrower and took fee ownership of project
  • Placed new debt on the asset and returned the majority of equity back to the investors
  • Executed a long term lease with Ross Dress For Less and thus stabilizing the project
  • Executed a sale agreement with AutoZone for the remaining pad
  • Executed a sale agreement of the Chili’s restaurant parcel
  • Executed a sale on the remainder of the center, resulting in a 76.38% annual IRR to the investors

Persius Creative