Equity Resource Fund 2017 partnered with a Boston-based owner and operator of industrial real estate to acquire a 100% triple-net leased property located in Massachusetts. The property was acquired in an off-market process leading to a favorable acquisition basis. This investment has since benefitted from recurring operating cash flow and a refinancing of the original acquisition loan which lowered the interest rate and returned approximately 22% of invested capital.
The underwritten business plan contemplated demising the building into two sections, consolidating the existing tenant to one section of the newly demised building, and attracting a second tenant to lease the remaining space. To date, the venture has successfully secured a second tenant at a higher rental rate than contemplated in underwriting. The property remains 100% occupied and the venture projects the property to yield a double- digit cash-on-cash return for 2021.
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