Property Details
Stabilized Occupancy  Stabilized Cashflow  Below Market Rents  NOI Growth 
Asset Profile
Core Plus

Palmetto Place

Anderson, SC

Medical Office Property
Greenleaf Capital Partners, LLC Atlanta, GA
Greenleaf Capital Partners, LLC
  • IRR 15.3%
  • Equity Multiple 1.91x
  • Hold Period 5Y
  • Minimum Investment $25K
  • Year 1 Cash on Cash 7.2%
  • Stabilized Cash on Cash 7.2% in Y1
  • First Distribution Oct 2020
  • Distribution Frequency Quarterly
  • Co-Investment 5%
  • Preferred Return 7%
  • Investor Profit Share 70%
  • Asset Profile Core Plus
  • Loan-to-Value 60%
  • Current Occupancy 100%

About this Property

"Palmetto Place is a well-maintained 12,000 SF medical office with long-term tenants with currently operational, strong practices. The property is nearby two hospital complexes, next door and across the street from CVS and Walgreens Pharmacies and on a main thoroughfare."

- Joshua A. Friedensohn, Greenleaf Capital Partners

Address 1403 E Greenville St
Square Footage 12,000 sq. ft.
Current Occupancy 100%
Market Occupancy 98%
Current Average Rent $18.60/sq. ft.
Average Market Rent $20/sq. ft.
Purchase Price $2,000,000
Stabilized Loan to Value 55%

 

Top Questions

All answers are provided by the sponsor, Greenleaf Capital Partners, or its representatives.

 

Why are you buying the Property?

Joshua A. Friedensohn, Greenleaf Capital Partners: "Palmetto Place provides the opportunity to acquire a well-located and long-tenured property that is strongly suited as a medical office. The acquisition cost is below development and appraisal values and the first year’s rents are guaranteed by the seller."

 

What is your investment strategy/business plan for the Property?

Joshua A. Friedensohn, Greenleaf Capital Partners: “Greenleaf will bring professional management to the property and upon acquisition invest in repairing minor deferred maintenance issues. During the hold period, there is an opportunity to renew or replace expiring leases at market rates, which are currently higher than current rates. Once Greenleaf has successfully increased NOI through new leases, it will evaluate an exit.”

 

How has COVID-19 impacted your business plan?

Joshua A. Friedensohn, Greenleaf Capital Partners: "Greenleaf thoroughly reviewed the tenants businesses and current operations. Three of four tenants are open and operating, with the fourth incorporating telehealth services on a temporary basis. All tenants have maintained current on rental payments and have not needed any rent assistance."

 

What are the risks and how are you mitigating those risks?

Joshua A. Friedensohn, Greenleaf Capital Partner: "Greenleaf believes this deal is relatively low risk because of the below factors:"

  • First-year’s rent guaranteed
  • Long-tenured tenants
  • High occupancy since development

 

NOTE: All answers provided by the sponsor, Greenleaf Capital Partners, or its representatives.

About this Property

"Palmetto Place is a well-maintained 12,000 SF medical office with long-term tenants with currently operational, strong practices. The property is nearby two hospital complexes, next door and across the street from CVS and Walgreens Pharmacies and on a main thoroughfare."

- Joshua A. Friedensohn, Greenleaf Capital Partners

Address 1403 E Greenville St
Square Footage 12,000 sq. ft.
Current Occupancy 100%
Market Occupancy 98%
Current Average Rent $18.60/sq. ft.
Average Market Rent $20/sq. ft.
Purchase Price $2,000,000
Stabilized Loan to Value 55%

 

Top Questions

All answers are provided by the sponsor, Greenleaf Capital Partners, or its representatives.

 

Why are you buying the Property?

Joshua A. Friedensohn, Greenleaf Capital Partners: "Palmetto Place provides the opportunity to acquire a well-located and long-tenured property that is strongly suited as a medical office. The acquisition cost is below development and appraisal values and the first year’s rents are guaranteed by the seller."

 

What is your investment strategy/business plan for the Property?

Joshua A. Friedensohn, Greenleaf Capital Partners: “Greenleaf will bring professional management to the property and upon acquisition invest in repairing minor deferred maintenance issues. During the hold period, there is an opportunity to renew or replace expiring leases at market rates, which are currently higher than current rates. Once Greenleaf has successfully increased NOI through new leases, it will evaluate an exit.”

 

How has COVID-19 impacted your business plan?

Joshua A. Friedensohn, Greenleaf Capital Partners: "Greenleaf thoroughly reviewed the tenants businesses and current operations. Three of four tenants are open and operating, with the fourth incorporating telehealth services on a temporary basis. All tenants have maintained current on rental payments and have not needed any rent assistance."

 

What are the risks and how are you mitigating those risks?

Joshua A. Friedensohn, Greenleaf Capital Partner: "Greenleaf believes this deal is relatively low risk because of the below factors:"

  • First-year’s rent guaranteed
  • Long-tenured tenants
  • High occupancy since development

 

NOTE: All answers provided by the sponsor, Greenleaf Capital Partners, or its representatives.

Offered By

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Assets Under
Management

Currently
$192.04MM 50+ assets
Exited
$126.94MM 20+ assets
Portfolio LTV
62.9%  
Historical
Realized Returns

Total IRR
35%  
Equity Multiple
3.15x  
Annual Cash
12%  
Years Of
Experience

As Principals
20+ years  
In Business
12 years  
Size
21 Staff * Dedicated investor relations
* All information is reported by Greenleaf Capital Partners, LLC as of 5/5/2020.
Assets Under
Management

Currently
$192.04MM 50+ assets
Exited
$126.94MM 20+ assets
Portfolio LTV
62.9%  
Historical
Returns

Total IRR
35%  
Equity Multiple
3.15x  
Annual Cash
12%  
Years Of
Experience

As Principals
20+ years  
In Business
12 years  
Size
21 Staff * Dedicated investor relations
* All information is reported by Greenleaf Capital Partners, LLC as of 5/5/2020.

Financials

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Offering Financial

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Diligence Preview

Location Details

Anderson, SC

Joshua A. Friedensohn, Greenleaf Capital Partner: "The City of Anderson is located in upstate South Carolina in the Greenville-Spartanburg-Anderson MSA with a population exceeding 1.3M people. The city is ideally located on the busy Interstate 85 corridor, to which much of its economic growth can be attributed. It lies on the southern border of I-85 and is approximately 127 miles north of Atlanta, GA and 132 miles south of Charlotte, NC. The I-85 corridor from Atlanta to Charlotte is now known as one of the nation’s hottest growth areas and one of the heaviest traveled highways in the southeast."

"The MSA has experienced strong growth over the last decade with an 11.7% increase in population, making it the largest MSA in the state. In the last few decades, favorable wages and tax benefits have lured major companies to invest heavily in the area with corporations setting up shop along I-85 in the MSA, including Michelin, AVX Corporation, BMW, Ameco, Southern Tide, Confluence Outdoor, Concentrix, JTEKT, Cleva North America, Hubbell Lighting subsidiary of Hubbell Incorporated, and TD Ameritrade. With this growth, commercial rental rates have increased over 25% over the last decade."

Documents

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Offering Agreement Documents

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