Location: Nashville, Tennessee
Property Type: Three building, 340,000 square foot warehouse building. Major tenants include: FedEx, Iron Mountain, S.P. Richards
Investment Strategy: SPG acquired this property in a distressed sale from a United Kingdom insurance company. Within one year of purchase, SPG instituted a capital improvement program and occupancy was raised from 75% to 100%. Within twelve months of acquisition, SPG repaid the entire equity investment. To date, investors have received over 21.7 times their equity and an estimated IRR of 74.9%.
The Franklin Building
Location: New York, New York
Property Type: 12 story, 130,000 square foot, mixed office – residential property
Investment Strategy: SPG made major capital improvements including, restoration of the building’s historic facade and upgraded major building systems. We converted the property to residential condominiums and completed a sellout of twenty seven residential units. SPG retained the lower four floors as a single commercial condominium unit which continues to generate a considerable cash flow for investors. To date, investors have received 6.8 times their initial equity investment.
Highgate Commons Shopping Center
Location: St. Albans, Vermont
Property Type: One story, 224,000 square foot shopping center
Investment Strategy: An affiliate of SPG acquired this 156,000 square foot retail property from a bank in 1979. It was expanded twice and now measures 224,000 square feet. Major tenants include Hannaford, TJ Maxx, and Staples. SPG increased net operating income by 335% and investors have received to date over 6.5x their equity and an estimated IRR of over 32%.
The Waterfront (sold in 2007)
Location: Nashville, TN
Property Type: Three building, 126,000 square foot mixed use property.
Investment Strategy: Acquired this foreclosed property from a Canadian bank. We invested to substantially upgrade and rebrand the property and as a result, increased base rents and occupancy substantially from 30% to 92%. This property generated a return of 4.7x investors’ equity and a 17.6% IRR.