REI Equity Partners Completes Aquisition of Retail Shopping Center

FOR IMMEDIATE RELEASE

Wilton, CT – August 5, 2014, – Real Estate Equity Partners (REI) announced that it has completed the purchase of Milford Shoppes, a 12,000 square foot retail center located in the main shopping hub of Milford, OH, an upscale suburb of Cincinnati, OH. Milford Shoppes is shadow anchored by Home Depot, Kohl’s, and Miejer – a big-box retailer known for exceptional value and low prices on everything from groceries to clothing, electronics, and home goods.

Milford Shoppes is 100% leased-up with five credit-tenants which include AT&T, Sleep Outfitters, Game Stop Thoma & Sutton Eye Care, and Marco’s Pizza. Starbucks is seeking to expand its presence in Milford and may open a new store on an adjoining parcel of land in early 2015. We believe that Starbuck’s presence will further enhance the desirability and value of Milford Shoppes.

TRANSACTION HIGHLIGHTS

Purchase Price: $2,665,000
Appraised Value: $2,700,000
First Mortgage: $1,730,000
Term: 7-Year Term/25 Year
Interest Rate: 4.85%
Debt Coverage Ratio: 1.85%
Cash-on-Cash Return: 8.40%
Milford

 

REI is a family of companies that focus solely on commercial real estate investment opportunities in Single-Property Investment Funds, and commercial real estate consulting and brokerage. The Managing Partners, Bob Hebert, and Bob Priest have over 50 years combined experience in real estate which includes finance, property management, and asset management.

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