Gallery at Warren Conner

Property Description

Jacobs Real Estate Advisors, LLC with an affiliate purchased the Gallery at Warren Conner a 111,710 square foot shopping center in Detroit, MI. The transaction was closed in 10 days. The property was previously bank-owned and was purchased via auction at a 70% discount from the original note. The Gallery currently has below-market rents yet still boasts above-average sales per tenant square foot. Tenants include Forman Mills, Footlocker, Rainbow Apparel, and CitiTrends. After stabilizing the property we were able to refinance all of the equity out of the property which still maintaining strong cash flow at the property. Prior to any appreciation of the asset, there is a 59% IRR.

Acquisition Date 5/11/2018