Crimson Capital is pleased to announce the successful sale of Hannaford Plaza, a 42,293 square foot single-tenant grocery store located in Gardner, Massachusetts. Crimson acquired this property in March of 2006 after identifying it as an attractive, long-term investment opportunity. On November 7, 2012, Crimson sold the property to New York City based investor executing a 1031 exchange. Crimson worked closely with both the buyer and lender to complete the assumption of the existing CMBS financing in just under five months.
Over the life of the investment, investors received the equivalent of 53% of their initial equity in monthly cash flow distributions. Upon sale, investors were returned 100% of their capital, plus profit, yielding a 9% IRR.
We are proud to have completed this sale on behalf of our investors. For more information, feel free to contact us at the numbers listed below.