Property Name: Bloomfield
Address: 19, 33-35 Broad Street Bloomfield NJ
Acquisition Date:9/27/2019

Property Description

Jacobs Real Estate Advisors, LLC with an affiliate purchased two retail properties in Bloomfield NJ. One of the properties has a Rent a center that had gone dark and had a few months left of payments. The other property had a dollar store and one vacant unit. We were able to secure a quality physical therapy tenant with many locations for one of the units and a medical marijuana dispensary for the other unit. After stabilization, we were able to refinance all of the existing equity plus a considerable amount on top of the equity and should still have strong cash flow at the property.