Counting money invested into improvements to the property, revenue generated by the leasing, proceeds from the sales and all the other financials, the MLG Capital fund exited the deal with a 15.82% internal rate of return, or IRR. For each $1 invested, $1.57 was produced said David Binder, Vice President at MLG Capital.
Purchase Price: $33.5M
Sale Price: $39.5M
Great value-add potential – acquired with 40% of Rent Roll which expired in first 14 months. And had opportunity to sell individual buildings.
Back-filled space with two new anchor tenants.
Executed the business plan according to plan, by re-tenanting within 2 years of ownership.