Crimson Capital is pleased to announce the successful sale of our asset in Jacksonville, Florida. We purchased the property free and clear of debt in October 2007. At the time of purchase, Hollywood Video was occupying the building. Anticipating the video giant’s corporate bankruptcy and corresponding store closings, Crimson purchased the asset based on its location and re-positioning potential. Publix opened 60 days after Crimson purchased the asset, and was one of the driving forces behind our confidence in the location and the underlying value of the land.
Crimson Capital is pleased to report that it has outperformed its initial underwriting and is distributing to each Investor a 15.31% return in just over seven months—an annualized return of 24.95%.
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