Retail Strip Mall

[Account Closed]

Investment Info:

Retail commercial investment investment.

Purchase price: $1,900,000
Cash invested: $900,000

The 1.64-acre tract at 150-190 Hanes Mill Court is across from Walmart and many major retailers located off of a many thoroughfare . It contains 9,328 square feet of retail space 5 tenants.

What made you interested in investing in this type of deal?

Portfolio was lacking commercial exposure.

How did you find this deal and how did you negotiate it?

Lots of research throughout many markets

How did you finance this deal?

Cash reserves from flipping houses.

How did you add value to the deal?

Getting all tenants on NNN leases. All tenants paying CAM charges. Renewing and raising rents up to market rate in the area. Minor repairs with a possible remodel in the future. Bought the property at discount from an absentee Landlord.

What was the outcome?

Still holding

Lessons learned? Challenges?

Thoroughly through all the leases. We missed that the restaurant tenant has a non compete built in.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Local Relator in the area repped both sides after we found the deal