|
|
DeSoto Plaza, an approximately
59,000 square foot older retail/office center in Southaven
MS (a rapidly growing suburb of Memphis) was purchased
in February 2005 for $1,575,000 ($26.75/sf) from a local
partnership. At time of sale the property was 55% occupied
and was purchased at an 11% cap rate on existing income.
Financing was obtained from First Citizen's Bank in the
amount of $1,100,000 at 6.3% fixed for five years on a
20 year amortization. As of 12-31-06, the property was
60% occupied with a pro forma NOI of $170,000. |
