Crimson Capital LLC is pleased to announce the successful sale of our Old Navy property in Lafayette, Louisiana. The property is a 20,000 square foot free-standing store, constructed in October 2002. Crimson Capital purchased
the building free and clear of debt in March 2003 for approximately $3,100,000, after identifying Lafayette, LA as a growing community with an ideal socio-economic fit for the clothing retailer. Within two months of
the acquisition, Crimson Capital secured advantageous permanent financing through LaSalle Bank, positively levering the property’s cash flow.
This Old Navy has proven to be one of the most profitable Old Navy retail locations in the country, with sales in excess of $600 per square foot. After a 30-month holding period, Crimson Capital determined that it should harvest the value created by the financing and the store’s strong performance, subsequently locating a buyer through its extensive investor-broker network. On October 1, 2005 Crimson Capital closed on the sale of the property for approximately $3,700,000, returning to investors a 51% profit in addition to their original equity.
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