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Value-Add Retail: A success story
DePaul Real Estate Advisors is proud to announce the successful repositioning of the Iliff Commons Shopping Center in Aurora CO. While in escrow to the purchase the property in the spring of 2015, IC Investments engaged DePaul Real Estate Advisors to advise on leasing and future capitalization. Before closing the purchase, Matthew Watson produced several LOIs for leases of the long-vacant space. In a few short months, Matthew took the property from 67% occupancy to its current occupancy of over 98%, leaving just one 1,141 square foot space available. In addition to lease up, the owner invested heavily in CapEx to address deferred maintenance and upcoming capital items, positioning the property for long term appreciation.
In March 2016, less than a year from acquisition, DePaul Real Estate Advisors arranged a new permanent non-recourse loan for the borrower. The cash out loan has a 10-year fixed interest rate and includes three years of Interest Only payments followed by a 30-year amortization thereafter. Paul DeCrescentis, Jarod Pate and Theresa Torres handled the financing.
Iliff Commons Shopping Center is located on the northeast corner of the signalized, full-movement intersection of East Iliff Avenue and South Peoria Street in Aurora, Colorado. The property has five separate buildings on seven acres. Iliff Commons benefits from a strong daytime employment population with over 20,000 businesses within five miles and a dense and growing population with 450,000 people living within a five mile radius, and is projected to grow by 9.6% by 2020. The area surrounding East Iliff Avenue and South Peoria Street includes multi-tenant office buildings (some mid/high-rise), residential condominiums, restaurants, freestanding retail buildings, retail strip centers, fast food restaurants, schools and single-family residential. The market area is influenced by Buckley Air Force Base and the Anschutes Medical Campus, a hub of three large hospital systems.
DePaul Real Estate Advisors continues to handle leasing at the property.
For leasing Information call Matt Watson or Lance Eberhard at 303-333-9799.
For more information on financing and commercial real estate investment property call Jarod Pate or Paul DeCrescentis at 303-333-9799.