RockStep Capital has a new offering:
- Shopping mall in a strong college town in VA.
- The only enclosed mall in the area. The next closest enclosed mall is 35 miles away.
- This property has limited large tenant exposures as the key anchors have already “turned” and been redeveloped. The Sears is now Kohl’s, and the Penney’s has been subdivided into three recently-opened stores–Ulta, HomeGoods, and Kirkland’s. The other major tenants include Belk’s, Dick’s, New River Community College, Planet Fitness and a call center.
- 11 cap on existing income at $54psf—about 35% of replacement cost.
- 8% preferred return targeted to be paid quarterly.
- 6-7 year hold with a targeted 12%+ IRR.
- Minimum investment–$100,000.
- Timing of closing—September
- Need for investor funds—by September 1
- Units are available on a first-come first-serve basis