CenterSquare Investment Management Acquires Retail Center In Wilmington, NC For $22.4M With Loan From Nationwide Life & Annuity Insurance Co
1125 Military Cutoff Road
$22,400,000
$211/SF
Building Size
105,785 SF
Asset Type
Retail
Closing
Sep 12, 2023
AI
Todd Briddell, the CEO of CenterSquare Investment Management, has acquired The Forum, a 105,785-square-foot retail center located at 1125 Military Cutoff Road in Wilmington, North Carolina. The acquisition of The Forum marks CenterSquare’s 15th service property purchase in the Southeast market and 37th nationwide.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $22,400,000
- Square Footage: 105,785
- Address: 1125 Military Cutoff Road, Wilmington, NC
- Market: Wilmington, NC
- Acres: 13.6
The lender for this acquisition was Nationwide Life & Annuity Insurance Co. The landlord, Todd Briddell, represented CenterSquare Investment Management in the deal.
Players
Market Retail Market Snapshot
Boundary boundary · Retail · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.71%
Cash-on-Cash
-0.20%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93