Case Studies

Shoppes at Castle Rock

SHOPPES AT CASTLE ROCK IS LOCATED IN CASTLE ROCK, COLORADO, AN AFFLUENT SUBURB OF DENVER.
AT THE TIME OF PURCHASE, THIS SHOPPING CENTRE WAS UNDER PERFORMING DUE TO
MANAGEMENT ISSUES AND BELOW MARKET LEASE RATES

PROJECT ENHANCEMENTS:

Revesco recognized the investment potential of this Center and completed the following enhancements after purchase:

  • Reinvested in the center to rectify deferred maintenance issues
  • Overlay and re-stripe of entire parking lot
  • Negotiated Office Max lease from percentage rent back to full market rent
  • Significantly increased the net operating income

PROJECT DESCRIPTION:

Address: 5650 Allen Way, Castle Rock, CO

Year Built: 2005 – 2009

Property Type: Retail

Leasable area: 105,528 sq ft

Occupancy at Acquisition: 100%

Anchor Tenants: Sprouts Farmers Market, Office Max, Big 5 Sporting Goods, Starbucks Coffee Company, Chipotle Mexican Grill

PROJECT LOCATION:

PROJECT ENHANCEMENTS:

Revesco recognized the investment potential of this Center and completed the following enhancements after purchase:

  • Reinvested in the center to rectify deferred maintenance issues
  • Overlay and re-stripe of entire parking lot
  • Negotiated Office Max lease from percentage rent back to full market rent
  • Significantly increased the net operating income

PROJECT DESCRIPTION:

Address: 5650 Allen Way, Castle Rock, CO

Year Built: 2005 – 2009

Property Type: Retail

Leasable area: 105,528 sq ft

Occupancy at Acquisition: 100%

Anchor Tenants: Sprouts Farmers Market, Office Max, Big 5 Sporting Goods, Starbucks Coffee Company, Chipotle Mexican Grill

PROJECT LOCATION:

Investment Return:

Total Hold Period: 15 months (projected period: 36 months).

LP Investors benefited from an 8% preferred return paid quarterly, substantial profit participation upon asset disposition and a 10% increase in value of US dollar over the asset hold period.