Overview

• 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

Investment History

• 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.