87 Post Road East (Sold)
- Acquisition Date: November 2004
- Sale Date: July 2015
- Purchase Price: $4.2 Million
- Development Cost: $4.8 Million
- Total Cost Basis: $9.0 Million($625/sf)
- Rentable Area: 14,384s/f
- Type: Mixed-Use retail/restaurant/office
- Occupancy: 100%
- Lead Tenant: Patagonia
- Acquired historic Westport Bank & Trust Building.
- Completed a $4.8 MM historic restoration of property to convert property for mixed-use with Patagonia as lead tenant.
- Received Federal Historic Property designation; $1 million+ in tax credits for historic renovation.
- Renewed Patagonia Lease, re-tenanted office space in advance of Sale in July 2015 to New York City based family office investor.
- DAR continues to manage and lease property for new Owner.
Financial Highlights(Sold July 2015)
- NOI: $725,000
- Cost Basis: $9.0 Million ($625/s/f)
- Sale Price: $16.4Million ($1,140/s/f)
- Debt: $8.4
- Equity: $8.0 Million
- NOI Yield to Cost: 8.00%
- Sale Cap Rate: 4.35%
- Realized IRR: 24.60%
*Includes all distributions of cash flow and financing proceeds to investors.