Investing Your Wealth Wisely
Recent Transactions
PURCHASED - September 2023
Aspen Real Estate strikes again on the TenX platform with 1st ever CMBS Assumption
Aspen was the winning bidder on the TenX auction platform for the purchase of 2 & 6 Terri Lane, Burlington , NJ. The purchase involved a 57,600 sf warehouse building and a 25,000 sf office building.
The purchase involved the first ever assumption of a defaulted CMBS mortgage as part of the purchase. Aspen assumed the debt with 4.90% interest rate at 80% of the purchase price.
This the 4th property Aspen has purchased on an auction platform. Three of the properties involved defaulted mortgages.
6 Terri Lane is currently occupied by office tenants. Aspen will be vacating the office tenants and converting 6 Terri back to warehouse space. Aspen will sell the 57.600 sf bldg. to a warehouse user.
2 Terri is 65% leased at purchase and Aspen has already drafted a lease for ½ the vacant space. Aspen will be bringing this building back to market as soon as the new lease is signed.
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SOLD - January 2023
Aspen Sells 140,000 sf Shopping Center
Vineland, NJ
Aspen completed the sale of the Maintree Shopping Center and locked in a return of 66% on LP capital over a 2 year period. Our investment strategy exceeded our original projection of a 44% return over 2 years.
The property was anchored by an Acme Supermarket which drew numerous buyers for the property. 4 pads were also included – Burger King, Pizza Hut, Boston Market, Med Express.
We have investment opportunities available in various properties. Call for more information.
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SOLD - November 2022
Aspen Reaches Agreement on the Sale
of 260 Industrial Way.
Aspen's sale of the 100,000 sf, Eatontown, NJ property locked in a 240% Return on Investment to Limited Partners over a 4-year investment period. Averaging 60% per yr.
Distributions from cash flow during the 4 years equaled 40% per year on invested capital.
Aspen originally acquired the property by purchasing a defaulted mortgage and foreclosing on the mortgage note. The property was sold vacant. It has a unique layout of 2 - 50,000sf floors with direct entry on both the 1st and 2nd floors.
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ACQUIRED - November 2022
239,000 sf Supermarket Anchored Park Hills Shopping Center - Altoona, PA
- 16 Current tenants including 4 anchor tenants
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Three vacant units totaling 33,780 sf.
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Main roadway location
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All major tenants have low rents
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Weis Supermarket only pays $3.80 Net PSF
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Tenants have low operating costs and low real estate taxes
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$1.5 million Existing NOI / $1.95 million Projected NOI
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9% Cap Rate at purchase
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11.25 % Cap Rate after lease up and renewals
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Projected Distribution: Starting at 8% PA, increasing to 15% as vacant space is leased
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Projected Total Return: 20% Per Year average return to Limited Partners, includes profit from resale
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ACQUIRED - March 2022
262,000 sf Shopping Center
Memphis, TN
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Home Depot shadow anchored
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Ross, DDs , Conns, Five Below, Milano Men's
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Pur Price $16 mil - 9% Cap
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90% occupied at purchase
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Strong mix of discount retailers
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75,000 VPD
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Below mkt rents
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ACQUIRED - Janury 2022
138,455 sf Grocery-Anchored Shopping Center
Vineland, NJ
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Acme Supermarket Anchored fund
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78% Investment Grade tenants
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Internet-resistant tenant mix
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Potential to sell four pad site locations
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Urban Enterprise Zone with low sales tax rate
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Densely populated Southern New Jersey market
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Tenants include Burger King, Pizza Hut, Boston Market, Med Express
ACQUIRED - June 2020
220,000 sf Shopping Center Freehold, NJ
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Trophy asset
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Comprised of 4 buildings on 25.58 acres
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71% Leased at Purchase
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Modernization underway to achieve 100% leased status
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Aldi and several other leases already signed
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Projected to return 200% over 4 years
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ACQUIRED - November 2019
185,000 sf Office Building
Monmouth Co, NJ/Parkway Corridor
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Class A Office
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11% Cap Rate at Purchase
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$3.3 Million NOI
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No lease expirations for 5 years
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100% leased to 4 companies
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Unique 50,000 sf floor size
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$26.25 million purchase price
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$8 Million total capital investment
ACQUIRED
65,000 sf Office Freehold, NJ
Arranged the purchase of this Class A 90% occupied office building with below market rents.
Renovated the common areas to bring back to Class A status.
Increased rental rate.
Aspen oversees mgt. for the owner.
ACQUIRED
35,000 sf Retail & Office, Aberdeen, NJ
Purchased 25% vacant with below market rents. Added a restaurant & constructed a 5,000 sf yoga studio.
Increased occupancy to 87%.
Sold May 2018 and generated 100% return on partner's capital over 2.5 yrs.
ACQUIRED
42,000 sf Office Eatontown, NJ
Purchased 60% vacant and in need of significant renovation at $36 psf.
Sold 4 years later and generated 100% return on partner's capital.
ACQUIRED 40,000 sf Office
Freehold, NJ
Arranged the purchase of this recently constructed Class A, 95% occupied office building.
No upgrades or renovation needed
Generating strong cash flow.
Aspen oversees mgt. for owner.
SOLD 33,000 sf Medical
Rutherford, NJ
Medical building in highly desirable Meadowlands submarket location: Close to major highways and NYC. Completely renovated. 100% occupancy. Established medical tenants committed to the property. Generating strong cash flow.
SOLD
11,000 sf Office
Emerson, NJ
Converted warehouse building to office space. Currently 100% occupied. Generating strong cash flow.
Ground Up Construction 50,000 sf
Multi-tenant flex building. Sold units as commercial condos. 100% Sold/rented.
ACQUIRED 10,000 sf Office
Manalapan, NJ
Purchased 60% vacant and in need of renovation.
Sold 2 yrs later and generated 100% return on partner's capital.