Sylmar Grocery Anchored Center
In 2008, we acquired a 150,000 square foot Ralphs/CVS/Big Lots anchored shopping center in Sylmar. At acquisition, the rents were significantly below market.
As the retail market began to stabilize, we re-tenanted the majority of the in-line and pad space, raising NOI by 25%.
We were able to refinance our bridge loan with permanent 10-year CMBS financing at above the principal level of our bridge loan, thus returning a portion of the proceeds back to equity.