Lakehills Plaza
The Shopoff Group, through its partnership with Texas Land Company Bedford Center, Ltd., acquired the Lakehills Plaza Shopping Center in Austin, Texas in August 1998. This property, which the sellers had acquired through a foreclosure action, consisted of a 76,001-square-foot retail center. It was part of a larger center that contained a Target store.
We acquired the property for $5.35 million. Our business plan included necessary repairs and a general clean-up to improve the overall appearance of the center, in addition, we planned to lease out the 25% of the property that was vacant upon acquisition while renewing several other leases. We successfully executed this plan and, over the first year and a half of ownership, raised the net operating income (NOI) by 20% and achieved stabilized occupancy of over 90%.
Once stabilized, the property generated a cash-on-cash return to our investors in excess of 20% on equity. In accordance with our business plan we sold the property after three years of ownership, generating an internal rate of return to our investors of 16.23%, which was within the range originally projected.
Investing in The Shopoff Group limited partnerships involves a high degree of risk,
including the possible complete loss of your investment. In addition to being an illiquid
investment with an uncertain liquidity date, these investments may have other risks.
The past performance of any of The Shopoff Group's Limited Partnerships is no guarantee of
future results.
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The Shopoff Group
Corporate Headquarters
114 Pacifica, Suite 245
Irvine, California 92618
Main: 949–417–1396
Fax: 949–417–1399