Strategy

• 22,808 sq. ft. (eight properties)
• Sourced off-market through a relationship with a retail leasing broker
• Prado was able to purchase the prime eight-building portfolio well below market value (approx. 25-30%)
• The portfolio had been owned by a family trust for 50+ years and the properties had been mismanaged
• Existing rents were 35% below market at the time of acquisition
• Multiple properties had redevelopment potential

Results

• Prado successfully re-tenanted three of the retail spaces within the first year of ownership with high-quality and credit tenants
• Prado secured approvals to redevelop one of the properties as a single-tenant retail building with a publicly-traded retail tenant
• Prado signed contracts to sell two of the inferior properties at a profit and to lower the basis in the remaining properties