Sean Katona Commercial Deal

 

Sean Katona Commercial Deal

Simplified Properties in Newport Beach, CA

This neighborhood shopping center was bank owned [REO] sourced via Loopnet. We used the listing broker to represent us as the buyer, allowing him to \'double-end\' the deal, and ultimately went to contract substantially below list price. The focus/business plan on this deal was to stabilize the rent roll, renew leases, bring rents to market rate and fill up any vacancy. Immediately upon closing, the property received a facelift including new paint, resealing / striping the parking lot, fresh landscaping, improved signage, LED lighting, and addressing any deferred maintenance. Within 18 months we achieved 100% occupancy along with extending/renewing all the existing leases; boosting the value by over $1,000,000. Our equity owners (friends/family) enjoy double-digit returns cap rate plus 3% rent bumps each year on the leases throughout the building.

Commercial Details

Property City: Maricopa
Property State: AZ
Purchase Price: $1,950,000
Sale Price: $3,500,000

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Case Study

How did the FortuneBuilders team and resources help you to accomplish this deal?

+ Commercial + Marketing + Negotiation + Due Diligence + Raising Debt + Equity + Entity Structuring + Tax Advantages