West Towne Centre
DATE PURCHASED: 1993
APPROXIMATE ANNUAL DIVIDEND CASH FLOW: 20%
The Story:
Upon purchase of the West Towne Centre Building, the acquisition team immediately began converting the building from industrial use to commercial multi-tenant use with a new paved parking lot, new exterior and interior upgrades. The initial capital invested including the purchase price was $1,200,000 which covered all the improvements listed in 1993-1994. The building was appraised for $1,800,000 by the end of 1994.
Since purchase, West Towne Centre has been fully occupied with only brief intervals of vacancy. In 2015, another upgrade was completed to modern standards equating the total capital invested including purchase price of $1,950,000. Today the building has been valued at $3,500,000. This building has a modest mortgage loan of <20% Loan to Value that was used to do the 2015 upgrade the exterior.