Investment Portfolio
Deep Run
Deep Run III the former 383,000 Square Foot abandoned Circuit City Head Quarters building was contracted for during the Second Quarter of 2011 by Spilman Short (DRV,LLC) from C-III post foreclosure.
Villa Park
Villa Park I was acquired by Short in June 2011 post foreclosure from Orix Capital Markets in a Joint Venture with Markel Eagle Partners. This 76,868 SF office /Flex property was acquired $4,300,000or $56PSF while 58% vacant.
Best Western Savannah
The 120 room Best Western Savannah was acquired by Short in July 2014 under market conditions for $2,550,000 representing a Revenue multiple price of 1.88 or a 12 % capitalization rate. The all in cost were defined as $2,870,600 ($24,000 per key) or a 2.12 multiple on2013 trailing revenues of $1,356,634.
Carolina Center Business Park
A multi-tenanted suburban flex office and warehouse development. The property consists of three buildings: Center I, Center II and Center IV built in 1985, 1984 and 1987, respectively. The three buildings total 110,465 square feet and are situated on approximately 10.6 acres.
Location: W. Columbia, SC
Acquired: August 2007
Type: Office / Flex
State: South Carolina
The Preserve at West View
Ground-up development of a 216-unit Class A gated apartment complex. The site consists of 13.86 acres with multiple ingress/egress points and good visibility along two thoroughfares. Planned improvements include 14 stone/vinyl-siding buildings containing a mix of 1BR/1BA, 2 BR/2BA and 3BR/2BA units ranging from 803-1,319 square feet. Amenities to include: clubhouse, fitness facility, lounge, business center, conference/meeting facilities, pool, Jacuzzi, car wash, basketball court and playground. Landscaping plans provide ample green space, including a buffered perimeter with natural screening and decorative fencing.
Village Medical Park
A mixed-use project comprised of 19 buildings totaling approximately 94,928 square feet. Built in phases between 1995 and 2003. The property combines medical, office and related uses with complementary retail uses within one planned environment. The majority of tenants are medical professionals or healthcare services firms.
Location: Orangeburg, SC
Acquired: August 2006
Type: Medical Office
State: South Carolina
Grove Park Shopping Center
A BI-LO anchored community shopping center containing 106,557 square feet of rentable space on 9.6 acres. Constructed in 1987 and expanded in 1991.
Location: Orangeburg, SC
Acquired: August 2005
Type: Retail
State: South Carolina
Additional Investment Properties
The Shoppes at CrossRidge
(Ukrop’s, Bank, Restaurant, Video, Cleaners, Card Shop)
Size: 96,000 SF
Cost: $10,000,000
POC: Sam Kornblau, 804-346-9600
Architect: Freeman & Morgan Architects
Aquia Town Center
(Grocery, Department Store, Drugstore, Hotel, Restaurant Outparcels, Regal Cinemas)
Size: 325,000 SF
Cost: $21,500,000
POC: Sidney Gunst, Jr., 804-347-4774
Architect: Rawlings & Wilson Architects
Meadows Plaza
(Retail Center, Bank, Restaurant, Retail)
Size: 50,000 SF
Cost: $1,800,000
POC: Michael J. Melton, 804-545-6220
Architects: Perretz & Young Architects
CrossRidge Professional Park
(Office Condos)
Size: 31,000 SF
Cost: $4,500,000
POC: Sam Kornblau, 804-346-9600
Architect: Freeman & Morgan Architects
Liberty Trace
Size: 213 Town Home Subdivision – Hanover County, VA
Cost: $10,000,000
POC: Michael J. Melton, 8
Montpelier Shopping Center
(Food Lion Center)
Size: 80,000 SF
Cost: $7,500,000
POC: Robert M. Atack, 804-346-3000
Architect: Freeman & Morgan Architects
S & K Famous Brands, Inc.
(S&K, Future Pier I, Bridal)
Size: 23,500 SF
Cost: $2,000,000
POC: Stuart Siegel, 804-346-2501
Architect: CMSS Architects
Moore Business
(Single Tenant Office Warehouse)
Size: 115,000 SF
Cost: $5,200,000
Mine Road Plaza
(Restaurant, Cleaners, Finance, CellOne)
Size: 12,000 SF
Cost: $1,800,000
POC: Rhett Clarkson, 804-285-9930
Hull Street Plaza
Size: 50,000 SF at build-out
Cost: $2,000,000
POC: Michael J. Melton, 804-545-6220
Architect: Freeman & Morgan Architects
Bottoms Up PIzza
Size: 7,000 SF
Cost: $1,600,000
POC: Chris DeCapri, 804-364-6000
Architect: Perrett & Young
CVS at Kings Charter
Size: 10,200 SF
Cost: $2,000,000
POC: Michael J. Melton, 804-545-6220
Southport Office Park
Southport Office Park
Richmond, Virginia
Size: 85,000 Square Feet
Purchase Terms: 30 day due diligence / 60 day close
Seller: Local Investment Group
Decisive Purchase Criteria: Mature office and industrial in-fill location. Good historic occupancy and curb appeal with proper rollover for objectives. Purchased at 50% below replacement cost and resale value.
Objectives: Short term hold, maintain rental income while selling units as condominiums at market levels to maximize our investor yields.
Glen Eagles Shopping Center
Glen Eagles Shopping Center
Richmond, Virginia
Size: 88,800 sq.ft.
Purchase Terms: 30-day diligence, 30 day close
Seller: G.E. Capital Fund
Decisive Purchase Criteria: Outstanding location, growth market, rents 25-40% below market, strong curb appeal, substantial vacancy, grocery anchored
Objectives: Long term hold, increase rents 25-40% (accomplished)
Fill vacancies (accomplished)
Midlothian Station Shopping Center
Midlothian Station Shopping Center
Midlothian, Virginia
Purchase Terms: 30 days Diligence, 30 day close
Seller: South Eastern Based Private Firm
Decisive Purchase Criteria: Outstanding Location, dynamic growth market, rents
25-30% below market stabilized tenant mix, needed face-lift.