Year End Bulletin - 2015
We have successfully closed on the acquisition of over 30 single tenant properties with a value of over $40m since the reconstitution of The Niki Group this year. Average cap rate is almost 8%. We have partnered on two shopping center deals as noted below and multiple value-add projects.
Thank you to our loyal partners: Aaron Swerdlow of Equitas, Paula Danker of CFI, Andrew Fallon of Calkain Companies, Daniel Kukes and Kevin Baker of Landmark, Yavitz Companies, Lior Regenstreif of Marcus and Millichap, Zach Weiss of Marcus and Millichap, Dan Elliot of Sperry Van Ness, Sam Nasrallah of Charles Wayne Company, David and Bob Glarner, 99 Cents Only real estate department, Patrick Charriou, Vince Aicale and Ryan Forsyth of Newmark Cornish & Carey, Jeremey Snyder of Colliers, Les Sax, Jim Wood of Wood Investments, Brian Frakes and Trevor Cohen of Common Bond Development, Rite Aid real estate department, Fazolis real estate department, Bob Lyons and Wayne Curtis of SGD, Property Partner, Garrett Development Corporation, Lev Investments, Omri Levi of the Cincy Investment Companies, Onyx Group, Seda Company and Investcore Commercial.
Critical to our success has been the dedication, acumen and resourcefulness of our financial supporters at (particularly) California Bank and Trust, Northern Trust, NASB, BB&T and Stancorp. Without them we would not have been able to maintain our reputation as a reliable purchaser.
We have entered into two ground-up shopping center projects. A Sprouts anchored center in Phoenix which will open in the spring and another Aldi anchored center in central California which will hopefully open by year-end 2016. We are grateful to be participating in these new deals. We are very active with our other smaller joint ventures and value add programs and, by the end of summer 2016, we expect that these projects will be cash flowing, adding some additional Starbucks, Carl’s Jrs, Taco Bells, Big O’s, liquor stores and other needed commodities to communities ranging from PA, TX, AZ to CA.
Other than projects under construction, we end the year with one vacant single tenant property in the portfolio which is a legacy asset with the Midtown Niki Group. The lowest number in the last 6 years. Thanks to the efforts of our staff and the broker community, we have tenanted spaces that were "left available” as a result of the fallout of 2008/2009. Our legacy investments with the Midtown Niki Group should all be complete and cash flowing by the end of 2016 at which point we can dispose of these assets and complete our separation.
We continue to look for new opportunities and grow the diversity and reliability of our income stream.
We are grateful to those select few who, over the last 6 months, have entrusted us with their equity and we appreciate their partnering.
A big thank you goes out to our dedicated and committed staff. With a small group of over 10 persons we have accomplished much this year
We look forward to a year of success and growing with both existing and new partners.
All our best for 2016 and happy holidays,
Peter and David