This deal is Active
We have been working on this deal and in talks since Oct’2019. The seller was not budging on his expectations and had rejected our original offer of $10.35 million and went into contract at a much higher price. However, he lost the original buyer due to some work required at the property. He then took it off the market to do some renovation worth $225,000.
Recently, he came back to us and given the market situation due to Covid-19, we were able to re-negotiate the deal at $10.15m. He wants to do the deal instead of going back on the market.
Our goal is to get into contract and then wait it out till we get a clearer picture on the economy. We will not close escrow until we have a clear picture and we continue to believe that we will follow the China, Korea route and be out of the pandemic in couple of months.
Price: 10.15 million
Location: Chino Hills, CA – Freeway frontage.
Returns: The average cash on cash yield over a 10 yr horizon is 10%.
Diversified tenant base: The center is spread across 17 tenants occupying 23 units, making it a well-diversified tenant base with a great debt coverage ratio which is much needed during such times.
Further, while we are in contract we will keep a close watch on this property and the market situation and if there is an opportunity to further negotiate we would do that.
While we are not looking for any funding from your side immediately, we would like to know your interest level.