Investment

Given the credit tenant profile of the rent roll, Bruce recognized a unique way to unlock value.  Within six months of the acquisition, Safeway, Walgreens, and Chase Bank were subdivided into separate lots and sold as a separate horizontal regime for total proceeds of $25.6 million.

Result

As a result, all of the initial equity basis was returned to the partners and the outstanding debt was paid off. This structured solution created a riskless ownership position on the remaining retail assets and provided consistent cash flows until final disposition.  The transaction produced an IRR (internal rate of return) of nearly 40%.

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