Property Details
Stabilized Occupancy  Stabilized Income  Stabilized Cashflow 
Asset Profile
Core Plus

Bowie Commons Shopping Center

Fairview, TN

Retail Property
Broder & Sachse Detroit, MI
Broder & Sachse
  • IRR 12.16%
  • Equity Multiple 2.13x
  • Hold Period 10Y
  • Minimum Investment $25K
  • Year 1 Cash on Cash 9.7%
  • Stabilized Cash on Cash 9.7% Y1
  • First Distribution Aug 2021
  • Distribution Frequency Quarterly
  • Co-Investment 6.25% ($250K)
  • Preferred Return 7%
  • Investor Profit Share See Financials
  • Asset Profile Core Plus
  • Loan-to-Value 72%
  • Current Occupancy 96%

About this Property

"A well-occupied, grocery-anchored shopping center in a suburb of Nashville that is expected to see new housing growth. The Nashville MSA has seen incredible growth during the last 10 years and continued high growth rates are forecast."

- Jon Rolwing, Broder & Sachse

Property Address 7014 City Center Way
# of Units 11
Square Footage 79,316
Year Built 2009-2011
Current Occupancy 96%
Market Occupancy 95%
Current Average Rents $13.35
Average Market Rents $20
Acquisition Price $11,600,000
Price per Sq. Ft. $146
Stabilized LTV 72%

 

Top Questions

All answers are provided by the sponsor, Broder & Sachse, or its representatives.

 

Why are you buying the Property?

Jon Rolwing, Broder & Sachse: "This opportunity presents an attractive basis in a market that is expected to see long term growth, thus mitigating the risk of extended vacancies in the shop space. The grocer is an established performer whose bet to enter this market 8 years ago is paying off. Infrastructure improvements (roads and utility service extensions) have enabled growth."

"Fairview has provided comfortable suburban and rural living options outside the more dense urban areas to the northeast. Fairview is the center of a very large trade area with few quality grocery options."

 

What are the most important aspects of this investment opportunity for the investors?

Jon Rolwing, Broder & Sachse: "The property was priced with a higher vacancy due to its history but based on recent leasing activity, is likely to outperform. The tenancy at the center survived the pandemic and all tenants are current on rent. A few have even expanded into more space, helping reduce vacancy."

 

What is your investment strategy/business plan?

Jon Rolwing, Broder & Sachse:

  • "Locking in long-term financing at favorable terms will be a key aspect of stabilizing the cash flow."
  • "Accommodating growing tenants will reduce vacancy even further."
  • "Offering a competitive lease structure to prospective tenants and providing responsive management services will also ensure that the property remains an attractive option to businesses seeking to serve this growing area."

 

How has COVID-19 impacted your business plan?

Jon Rolwing, Broder & Sachse: "The pandemic has impacted retailers in different ways. The Sponsor's investment thesis about Neighborhood Grocery-Anchored Centers has been validated during the pandemic. Neighborhood shopping centers provide essential services which proved successful as exhibited by the survival, even thriving of the tenancy at Bowie Commons."

 

How are risks being mitigated during the hold period?

Jon Rolwing, Broder & Sachse: "Turnover and vacancy in the small shops that is higher than expected could limit the upside of the center. Effective management and understanding the competitive marketplace will be key to keeping Bowie Commons an attractive place to lease a store."

"Long-term risk involves another grocer entering the market, diluting potential grocery sales; however, the Sponsor's assessment is that the large trade area is adequately served by Publix and Walmart for the foreseeable future and Publix has proven that its customers remain loyal."

 

NOTE: All answers provided by the sponsor, Broder & Sachse, or its representatives.

About this Property

"A well-occupied, grocery-anchored shopping center in a suburb of Nashville that is expected to see new housing growth. The Nashville MSA has seen incredible growth during the last 10 years and continued high growth rates are forecast."

- Jon Rolwing, Broder & Sachse

Property Address 7014 City Center Way
# of Units 11
Square Footage 79,316
Year Built 2009-2011
Current Occupancy 96%
Market Occupancy 95%
Current Average Rents $13.35
Average Market Rents $20
Acquisition Price $11,600,000
Price per Sq. Ft. $146
Stabilized LTV 72%

 

Top Questions

All answers are provided by the sponsor, Broder & Sachse, or its representatives.

 

Why are you buying the Property?

Jon Rolwing, Broder & Sachse: "This opportunity presents an attractive basis in a market that is expected to see long term growth, thus mitigating the risk of extended vacancies in the shop space. The grocer is an established performer whose bet to enter this market 8 years ago is paying off. Infrastructure improvements (roads and utility service extensions) have enabled growth."

"Fairview has provided comfortable suburban and rural living options outside the more dense urban areas to the northeast. Fairview is the center of a very large trade area with few quality grocery options."

 

What are the most important aspects of this investment opportunity for the investors?

Jon Rolwing, Broder & Sachse: "The property was priced with a higher vacancy due to its history but based on recent leasing activity, is likely to outperform. The tenancy at the center survived the pandemic and all tenants are current on rent. A few have even expanded into more space, helping reduce vacancy."

 

What is your investment strategy/business plan?

Jon Rolwing, Broder & Sachse:

  • "Locking in long-term financing at favorable terms will be a key aspect of stabilizing the cash flow."
  • "Accommodating growing tenants will reduce vacancy even further."
  • "Offering a competitive lease structure to prospective tenants and providing responsive management services will also ensure that the property remains an attractive option to businesses seeking to serve this growing area."

 

How has COVID-19 impacted your business plan?

Jon Rolwing, Broder & Sachse: "The pandemic has impacted retailers in different ways. The Sponsor's investment thesis about Neighborhood Grocery-Anchored Centers has been validated during the pandemic. Neighborhood shopping centers provide essential services which proved successful as exhibited by the survival, even thriving of the tenancy at Bowie Commons."

 

How are risks being mitigated during the hold period?

Jon Rolwing, Broder & Sachse: "Turnover and vacancy in the small shops that is higher than expected could limit the upside of the center. Effective management and understanding the competitive marketplace will be key to keeping Bowie Commons an attractive place to lease a store."

"Long-term risk involves another grocer entering the market, diluting potential grocery sales; however, the Sponsor's assessment is that the large trade area is adequately served by Publix and Walmart for the foreseeable future and Publix has proven that its customers remain loyal."

 

NOTE: All answers provided by the sponsor, Broder & Sachse, or its representatives.

Offered By

Broder & Sachse

Broder & Sachse

Detroit, MI

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Assets Under
Management

Currently
$350MM 20+ assets
Exited
$65MM 10+ assets
Portfolio LTV
61%  
Historical
Realized Returns

Total IRR
20.3%  
Equity Multiple
3.48x  
Annual Cash
14.4%  
Years Of
Experience

As Principals
30+ years  
In Business
28 years  
Size
60 Staff  
* All information is reported by Broder & Sachse as of 9/16/2020.
Assets Under
Management

Currently
$350MM 20+ assets
Exited
$65MM 10+ assets
Portfolio LTV
61%  
Historical
Returns

Total IRR
20.3%  
Equity Multiple
3.48x  
Annual Cash
14.4%  
Years Of
Experience

As Principals
30+ years  
In Business
28 years  
Size
60 Staff  
* All information is reported by Broder & Sachse as of 9/16/2020.

Financials

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Offering Financial

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Location Details

Fairview, TN

Jon Rolwing, Broder & Sachse: "Located in a small town outside of Nashville, Fairview is beginning to feel the growth pressure from Nashville, and nearby Franklin. New subdivisions are under construction and in planning and recent infrastructure improvements have enabled new growth."

Documents

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Offering Agreement Documents

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