Exit Strategy for Strip Center???

[Krishan Gandhi]

Me and my partners just bought a 29,500 sf strip center. It was 68% occupied at the time. We have recently signed leases who are in the build out phase and will be at 94% occupied. We also extended a few of the expiring leases. NOI will be $530,000 starting October 1st. Cap rates are around 6-8% for similar strip centers. Can I really expect to get that kind of price... and if so, who would even buy that as the debt wouldn't support such a low cap rate.

Tenant Mix:

Sports Clips - 2026

Anytime Fitness - 2024

Independent Nail Salon - 2032

Independent Mexican Restaurant - 2027

Seasons of Japan (13 locations in GA) - 2024

State Farm - 2019 (2 5yr renewal option)

Local Grooming Chain - 2027 

DryCleaner - 2021 (5 yr renewal option)

Independent hair Salon - 2023 

Marcos Pizza - 2023

Dental Office - 2032