Caliber Completes Sale of Northsight Crossing Retail Center in Scottsdale
25 Oktober 2023 - 10:30PM
Business Wire
CaliberCos Inc. (NASDAQ: CWD) (“Caliber”), a real estate
investor, developer, and manager, today announced the sale of
Northsight Crossing, a prominent retail center located in
Scottsdale, Ariz. The property was purchased in January 2022 by
Northsight Crossing AZ, LLC, a Caliber co-sponsored single asset
syndication, for $21.1 million and was sold this month to Hunt
Retail Investments, LLC, a local investment group for $27.4
million. After fees and other expenses, the sale generated an
internal rate of return of approximately 22 percent for
investors.
Located at 14891 N. Northsight Boulevard in the Scottsdale
Airpark, the property encompasses 9.25 acres and houses more than
112,000 square feet of retail space that is 98 percent occupied by
national, regional, and local-branded businesses. Following the
purchase of this retail center, Caliber and its partners completed
tenant improvements and executed a number of new leases, resulting
in a sale at a capitalization rate of 6.75%.
“This asset sale is another example of the value that Caliber’s
investment platform offers the market,” said Chris Loeffler, CEO of
Caliber. “Utilizing a strong network of local partners like
Platinum Advisors, Caliber identified this investment opportunity,
executed on a favorable purchase price, and assisted in completing
the lease-up and repositioning of the asset. We wish the new owner
success with their future plans.”
Brokers on this deal were Cushman & Wakefield, Caliber
Realty, and Platinum Advisors.
About Caliber (CaliberCos Inc.) (NASDAQ: CWD)
With more than $2.9 billion of managed assets, Caliber’s 15-year
track record of managing and developing real estate is built on a
singular goal: make money in all market conditions. Our growth is
fueled by our performance and our competitive advantage: we invest
in projects, strategies, and geographies that global real estate
institutions do not. Integral to our competitive advantage is our
in-house shared services group, which offers Caliber greater
control over our real estate and visibility to future investment
opportunities. There are multiple ways to participate in Caliber’s
success: you can invest in Nasdaq-listed CaliberCos Inc. and/or you
can invest directly in our Private Funds.
Forward-Looking Statements
This press release contains “forward-looking statements” that
are subject to substantial risks and uncertainties. All statements,
other than statements of historical fact, contained in this press
release are forward-looking statements. Forward-looking statements
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"will,” “would,” or the negative of these words or other similar
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these words. Forward-looking statements are based on the Company’s
current expectations and are subject to inherent uncertainties,
risks and assumptions that are difficult to predict. Further,
certain forward-looking statements are based on assumptions as to
future events that may not prove to be accurate. These and other
risks and uncertainties are described more fully in the section
titled “Risk Factors” in the final prospectus related to the
Company’s public offering filed with the SEC and other reports
filed with the SEC thereafter. Forward-looking statements contained
in this announcement are made as of this date, and the Company
undertakes no duty to update such information except as required
under applicable law.
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version on businesswire.com: https://www.businesswire.com/news/home/20231025954757/en/
Caliber: Victoria Rotondo +1 480-295-7600
Victoria.Rotondo@caliberco.com
Media Relations: Kelly McAndrew Financial Profiles +1
310-622-8239 KMcAndrew@finprofiles.com
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