For Immediate Release
MLG Capital Announces Latest Sale of Investment Property
Albertville Retail Center (Minneapolis, MN MSA)
March 5th, 2018 – MLG Capital has exciting news about our latest sale! MLG Private Fund I, via a JV Equity partnership with Hempel Properties, is excited to announce the successful sale of Albertville Retail Center, a 104,706SF property, located in Albertville, MN (Minneapolis, MN MSA)
The asset was acquired in December 2014. The partnership executed a value-add business plan on the asset by completing an extension of the Coborn’s grocer lease, lease-up of the overall asset to sub-market occupancy levels, and sell off individual parcels to users.
Through business plan execution the property achieved:
- Occupancy growth from 68-90% through the hold
- Produced a 26.4% IRR to Fund I*
- Produced a 1.98X equity multiple to Fund I*
- Acquisition price of $86/ft, blended sale price of $133/ft
- Holding period of approximately 38 months
View an overview flyer of Albertville Retail Center by clicking here
MLG Capital Private Funds:
The series of MLG Private Funds were formed to acquire, directly or indirectly, a geographically diverse portfolio of commercial real estate. Primarily consisting of Commercial Class B multifamily properties, Industrial, Retail, Office, and other opportunistic opportunities located in strategically identified areas throughout the United States. Our series of diversified private funds target cash on cash yields of 8% with all-in net return targets of 13-15%/year for our investors**. View more about our latest fund by clicking here.
MLG Capital is currently raising and deploying its’ third fund, MLG Private Fund III, a $150 Million equity fund that is accepting new investors. Since the inception of MLG Capital in 1987, we’ve had active, exited, or pending investments of approximately 14.4 million square feet of total space across the United States, consisting of more than 10,600 apartment units with exited and estimated current value exceeding $1.2 Billion***.
*Fund level IRR and equity multiple calculations are preliminary as of 3/5/2018. Upon final settlements and true-up, the final IRR and equity multiple may change. “Fund I”, when referenced, means “MLG Private Fund I LLC”. As of 3/5/2018.
**Offers to sell an interest in an offering of MLG Capital or affiliates will only be made to a qualified purchaser by the delivery of the confidential private placement memorandum and current supplements, accompanied by a subscription document booklet. Please reference confidential private placement memorandum and current supplements for full details.
*** as of 3/5/2018. Value is consistent of disposed of assets as well as the current internal valuation of currently held assets as of 12/31/2017. Values may not have been reviewed by an independent 3rd party and may be internal projections. .