Dunlap Center Shopping Center
In 2010 for $5,858,000. Purchased All Cash
Washington Capital & WVP private investors
Sold in 2011 to a trade buyer for $7,457,000.
Project Level IRR of 14.8%
· REO property.
· Two different parcels, one with school and one with mix of more conventional retail tenants.
· Small strip center of tenants, along with single tenant school (Imagine Schools).
· Purchased from lender as REO.
· 11.24% Cap at purchase.
· Purchase was contingent on Imagine Schools exercising their option to extend lease. If this could be done, it would greatly enhance value.
· Update general appearance of center with paint, slurry sealing and restriping the parking lot.
· Look to sell stabilized properties either individually or together.
· Lease with Imagine Schools successfully extended during escrow period.
· Improved look of center with paint, slurry and other cosmetic items.
· Sold to trade buyer.
· Project level IRR: 14.8%