Retail Center Investment Offering With Significant Upside Potential And A 16.7% Target IRR

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A new private market real estate investment opportunity is available to investors on the RealtyMogul platform. 

At Colonie Center is a 243,389-square-foot retail center located in the Albany, New York, metropolitan statistical area (MSA) that is being acquired by offering sponsor Heidenberg Properties Group for $28 million. The retail center is anchored by Whole Foods, Floor & Decor and TJX Cos. Inc.'s Sierra Trading Post, all under lease agreements for the next 10 years. 

Heidenberg projects the investment to offer both downside protection and upside potential. The existing leases and the terms remaining with the tenants are expected to provide stable cash flow throughout the designated holding period while upside potential can be achieved through leasing the remaining available space. 

The upper level of the retail center has 94,000 square feet of available rental space with 6,106 square feet of lower-level space available for lease. Additionally, a 2,113-square-foot out-lot vacancy is available to prospective tenants. Heidenberg is negotiating leases with several tenants, including fitness centers, trampoline parks and children's entertainment centers, to occupy the remaining space.

Benefiting the outlook of the investment is the prime location. At Colonie Center benefits from a prime location in the heart of the Albany-Troy-Schenectady MSA with a population nearing 1 million people, according to CityPopulation. More specifically, the retail center is adjacent to At Colonie Center, a 1.1 million-square-foot regional mall, and two major highways bringing major traffic to the shopping center.

  • Minimum investment: $35,000
  • Target internal rate of return (IRR): 16.7%
  • Target cash on cash: 8.8%
  • Target equity multiple: 1.91x
  • Target investment term: five years

Heidenberg Properties Group and its predecessor have been owners, developers and operators of shopping centers and retail properties for nearly 40 years. The group focuses on grocery-anchored shopping and retail centers such as this venture where the Whole Foods is the only location in the Albany MSA. 

The group's current portfolio includes nearly 2.5 million square feet of retail space in the New England and Mid-Atlantic markets, including New York, Vermont, Pennsylvania and Virginia. Indicating the investment firm’s commitment to the At Colonie Center venture, Heidenberg will contribute a coinvestment equating to 29% of the total equity. 

The At Colonie Center investment offering is currently available on the RealtyMogul platform for a minimum investor commitment of $35,000.

Image courtesy of RealtyMogul

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