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Deal Webinar – The Court at Deptford with LBX Investments
November 21 @ 12:00 pm - 1:00 pm EST
- The purchase price of $39,750,000 (9.1% cap rate / $110/SF) represents an ~8% price reduction from a couple months ago, when we first won the bid. This is significantly below replacement cost (which we estimate would approach $300/SF) and represents excellent value.
- Deptford is a very strong and stable middle class regional hub in the Philadelphia metro – on the NJ side.
- The Court has been well-maintained by current ownership, and is one of two high-quality open-air centers in this submarket. It is 90%+ occupied.
- We have a term sheet in place for the debt, and our preferred equity partner will be Peaceable Street (ex-Kimco)
- Target closing date is December 28th, with a capital call scheduled for early December.
Target Metrics to LPs:
- Target IRR: 19.1%
- Target Average Cash-on-Cash: 9.0%
- Target Equity Multiple: 1.84x
Please note: This deal has not been vetted by Left Field Investors or any of our Founders or Members. Left Field Investors is not recommending an investment in this or any other deal. Left Field Investors is presenting this opportunity only as a way for our Community to invest and qualify for a higher return amount. The Founders of Left Field Investors may or may not invest in this deal. Each person must evaluate this deal individually and must make their own investment decision.