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NNN Commercial Real Estate Deal Looking for equity partners

Ok my fellow investors here is the deal.

 

I have a $11,300,000 commercial property under contract and I can raise $10,500,000 in financing and still make this deal work.  Notice the $800,000 gap between what I can raise and what I need?   That is why this post exists.  I am willing to give up a % of my equity to somone or more than one equity partner in this deal.

 

The property is a 47,000 sq ft building that sits on Rt 10 in San Antonio TX.  The car count infront of this building is 188,000 cars per day.  It is within 1.4 miles of the intersection with the 410 loop and its 192,000 cars per day, and within 4 miles of the San Antonio airport.

 

The property was built on a contract from the City of San Antonio.  This project is a pre-k education facility run by the city, and created by the city’s former Mayor and now National HUD Secretary.

 

The property is under a NNN or Tripple Net Lease, where the tenant is responcible for all repairs, maintenece, taxes, and insurance.   There is no common area maintenece for the landlord (me) or any capital expenses to deal with.  Any repairs are the tenants problem.

 

The lease is 8 years with 2 8 year renewal options and a buy out option for the tenant, meaning that the tenant can buy the property back at a pre-negotiated price at the end of the lease.   Each buyout is a $1 million + profit for me/us.

 

The first lease period is 2013 – 2021

 

annual rent is $787,250 with a buy out at the end of $12,773,952

 

The second lease period is 2021 – 2029

 

with annual rent at $881,720   and a buy out of $ 13,353,038

 

The third lease period is 2029 -2038

 

with annual rent at $987,470 2029 and a buy out at $12,518,473

 

I am only interested in equity partners as I have the rest of the finacing in place.  Each percent of this deal is $113,000, and I need to give up at least 8% but no more than 40% of this deal MAX.   To apply to be in this limited partnership, or to ask questions, email me directly at PittsburghREIA@aol.com.

 

To your success

 

Josh

 

 

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