Investment Properties

Recker Plaza

Address

1118 North Recker Road
Mesa, AZ 85205

Z

Property type

Retail Center

I

SF

12,648

Y

# of units

11

Acquisition Year

2021

Status

Active

Summary

Recker Plaza is a high-quality, well-occupied retail strip center built in 2008 that was acquired for $222 per SF. The Project is well-located, with a large amount of street frontage in an area with increasing household density and income. LRP sourced the transaction directly at an attractive initial yield with upside to over 8.0% through lease up and renewing leases at higher rents. While under contract one existing tenant renewed their lease at a >70% increase in base rent for 5 years.

Pacesetter Plaza

Address

1000 – 1058 East 162nd St.
South Holland, IL

Z

Property type

Retail Center

I

SF

36,389

Y

# of units

18

Acquisition Year

2019

Status

Active

Summary

Pacesetter Plaza was acquired at an attractive yield of >9% and a low price per SF of $93. The Project is well-located, with a large amount of street frontage in a high traffic location as the first shopping center next to the I-94 highway (142,000 VPD). The project included a separate parcel with a stand-alone Little Caesars that was later sold for $239 per SF creating sizable value for investors. Investors are receiving attractive semi-annual distributions from property cash flow.

Sandpiper Plaza

Address

1916 – 2030 Army Trail Road
Hanover Park, IL

Z

Property type

Retail Center

I

SF

35,986

Y

# of units

9

Acquisition Year

2018

Status

Active

Summary

Sandpiper Plaza was acquired at an attractive yield of >9% and a low price per SF of $122. The project benefits from Walgreens as a high credit, anchor tenant occupying 40% of SF on a long-term lease. It also benefits from an extensive renovation in 2014 with prior ownership replacing the roofs and parking as well as improving the façade. Sandpiper Plaza is located in an affluent suburb and has excellent street frontage along a high-traffic (>20,000 VPD) road. The plaza is generating cashflow supporting attractive semi-annual distributions for investors.

Galewood Plaza

Address

6516 – 6534 W. North Ave
Chicago, Illinois

Z

Property type

Retail Center

I

SF

13,778

Y

# of units

8

Acquisition Year

2017

Status

Active

Summary

LRP sourced Galewood Plaza through a local, independent broker as part of a larger REO-portfolio. The property was 89% leased at acquisition and LRP was promptly able to lease the last vacant unit to Boost Mobile on a 6-year lease. As of the end of 2019 the property was 100% leased and generating cashflow supporting attractive semi-annual distributions for investors.

Zenith Drive

Address

500-560 Zenith Drive
Glenview, Illinois

Z

Property type

Business Park

I

SF

37,992

Y

# of units

31

Acquisition Year

2014

Status

Sold in 2020

Summary

LRP acquired Zenith Drive in an off-market transaction.  Significant value was created by executing a new lease on the billboard and selling the billboard and cell tower in separate transactions.  LRP repositioned the property with new roofs and new asphalt as well as other improvements.  The property was sold in 2020 generating a net 26.3% IRR to investors and 1.72x multiple on investment after fees.