Property Highlights
NOTES
- Well located property opposite new Hy-Vee in high income area of Omaha
- Troubled property with high vacancy rate and many M-T-M and slow paying Tenants
- Phase I – 35% occupied
- Phase II – 100% occupied, but 63% of tenants significantly delinquent or planning to vacate
- Phase I suffered from a dated appearance and deferred maintenance
- Conduit loan with high prepayment penalty on Phase II
- Loan balances at or above market value
Property Overview
Shopping Center
1103 S 180th St, Omaha, NE 68130
1997- 2007
464,422 SF
The End Result
Phase I - June 5, 2015 Phase II - October 13, 2015
$5,950,000
$92.36
MAJOR POINTS
- Phase I purchased at auction; Phase II brought out of foreclosure by Buyers
- Phase I renovated by Buyers
- Off market property – both property and Buyer sourced by Investors Realty
- Investors Realty leasing team increased occupancy by 31% in less than 12 months
