Case Studies
Value-Add Unanchored Coastal Neighborhood Shopping Center
Case #1
Tequesta Village Square, Palm Beach County, FL
Sales Highlights
| Price | $20,310,000 |
|---|---|
| GLA | 75,000 |
| Lot | 5.56 Acres |
| Tenants | 29 |
Jake represented both sides in this transaction. Tequesta Village Square is a 75k sf coastal neighborhood shopping center that sits on nearly 6 acres at the Northern Tip of Palm Beach County. The entire sales process was completed in under 4 months and LCA’s proprietary property specific sales process generated 23 bona fide offers.
The deal came to fruition after consulting with the Sellers for more than two years about; valuation, operations, economics, inflation, and the capital markets. The Sellers decided that after nearly a decade of hard work operating and improving the center that, it was time to harvest their investment. After the Sellers had a chance to speak with a half dozen other brokers and considered several direct, off-market offers. They ultimately decided to hire Jake and signed an Exclusive Brokerage Agreement with Laconic Capital Advisors. The Sellers were a private family office based in Delray Beach FL and this was their last major commercial real estate asset. Within just six weeks of hiring Jake, the Sellers had 23 bone fide offers to consider. Ultimately, one company stood out from the rest. The new owner, Shannon Waltchack, is a well-established operator of more than $400mm worth of shopping centers throughout the South and is based in Birmingham, AL. Tequesta Village Square is the first asset for their brand-new, institutionally backed, Unanchored Shopping Center Investment Fund: Shannon Waltchack Neighborhood Center III’s (SWNC III).
Case #2
RBC Bearings, Inc. Sale-Leaseback, San Diego, CA
Sales Highlights
| Price | $7,985,000 |
|---|---|
| RBA | 57,086 SF |
| Lot | 3.42 Acres |
Core Heavy Industrial Aerospace Manufacturing
Jake represented both sides in this transaction. Initially, consulting with the seller on a major lease renewal and restructuring to maximize the value of the real estate. The lead man for the Sellers, was an aerospace engineer and entrepreneur who, had built a jet engine parts service company that was acquired by RBC Barings, Inc. 4 years prior to the sale. The site is located just a mile down the road from San Diego’s Miramar Airforce base, made famous by the original Top Gun Movie. The lease negotiations took nearly one year. After a short and controlled marketing process Rexford Industrial (NYSE: REXR), a public industrial REIT specializing in Southern California was awarded the deal.
Core Grocery Anchored Shopping Center
Case #3
Langston Landing, Kent, WA
Sales Highlights
| Price | $17,457,000 |
|---|---|
| GLA | 82,960 SF |
| Lot | 8.42 Acres |
| Tenants | 16 |
Jake acquired this Safeway Anchored Shopping center while working as an Investments Associate for the Sterling Organization on behalf of their institutional Core Fund, Sterling United II. Langston Landing is anchored by a highly productive Safeway supermarket approximately 15 miles southeast of Seattle’s central business district. The property is complemented by other credit rated tenants including Dollar Tree, Cricket Wireless and Jackson Hewitt. The Sellers were a private family office.
