Overview

•  Acquisition Date: October 2007
•  Sale Date: August 2012
•  Joint Venture: w/ Acadia Realty Trust
•  Purchase Price: $17.0 Million
•  Development Cost: $6.5 Million
•  Total Cost: $23.5 Million  
•  Rentable Area: 27,033 sq. ft.
•  Type: Street retail w/mixed-use component 
•  Leased upon sale: 100%
•  Lead Tenants: The Gap, Brooks Brothers Women

Investment History

•   Acquired in Joint Venture with Acadia Realty Trust
•   Re-development of older mixed-use building in prime retail location
•   DAR led re-zoning effort; gained approvals for multi-story retail
•   Re-tenanted with The Gap retail store
•   Completed additional leasing with restaurant and high-end hair salon
•   Asset sold in August 2012 at 5.0% cap rate, over $1,200/sq.ft
•   Buyer retained David Adam Realty for leasing/property management

Financial Highlights (Sold August 2012)

•  Total Cost: $23.5 Million
•  Sale Price: $33.5 Million ($1,240/ sq.ft.)
•  Sale Cap Rate: 5.1% 
•  Realized IRR: 10.2%