Portfolio

Investment Highlights

• Acquired from a REIT that needed quarterly earnings enhancement and was vacating Portland market
• SKB was able to conduct extensive due diligence and engage outside consultants prior to making an offer; SKB won the asset because it submitted non-refundable earnest money concurrently with the offer
• Class B shopping center supported by Portland’s highest per capita income, highest median home price and highest density of college educated residents
• Near term lease rollover would allow SKB to move in-place rents to market, an increase of approximately 35%
• Opportunity to entitle and sell portion of surface parking area for a residential project
• SKB expanded the grocery anchor, relocated the junior anchor and improved signage, landscaping and facade upgrades
• Portion of the parking lot was sold in 2006 for $2.3 million to build a 104 unit condominium
• Upgraded tenant mix with additions of Starbucks, removed slow paying tenants and tenants that created a burden on parking usage
• Increased grocery anchor’s lease rate from $9.36 psf to $19.00 psf and an extended lease term resulting in a 264% increase in revenue over expanded square footage