It was like waking from a dream of separateness, of spurious self-isolation ...
This sense of liberation from an illusory difference was such a relief and such a joy to me that I almost laughed out loud." βThomas Merton, Conjectures of a Guilty Bystander
It was a smallish, non-chain, pan-Asian restaurant with great food and an amazing staff. They closed a bit before the explosion. I was wondering if anyone knew where they went.
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Midwood Corners is a shopping center located just outside of Charlotte downtown. This shopping center sold right before Covid officially hit. The cap rate at closing was 5%. It was 96.8% occupied at sale due to one unit being vacant. Center consists of 20 tenants ranging, majority of which are small businesses. Typically if there are credit tenants such as Starbucks, the cap rates tend to be compressed. The 5% cap seems pricey, but given the location, it may justify it.
The purchaser paid all cash in this scenario, but a deal like this would easily get financed from a commercial lender given the area. I typically assume a 70% LTV on this transaction.
LTV: 70%
Loan Amount: $5,950,000
Rate: 3%
Amortization: 30 Years
NOI: $425,000 (Based on YR1, will likely escalate due to rent increases)
Annual Mortgage Payment: $300,000
Net Cash Flow: $125,000
Investor Equity: $2,550,000
Cash on Cash: 4.9%
So in this case the debt constant is actually more expensive than the NOI which is why the return is slightly less than if you were to pay all cash. However, one key note to have is that this is based on YR1, if we assume a typical 2% rent increase annually. We can get to a 5.2% annual yield. While it does seem lower than what I am used to, the strong location of this asset is its selling point. Shopping centers located in high trafficked areas tend to retain their tenants while having the ability to increase rents. In addition, when there is limited land nearby it is harder for newer retail supply to come into the market.
I will continue to post more samples over the next couple weeks. Feel free to discuss below. One last note, as I say on most posts, this is a summarized version of a deal. There are several factors to consider including tax reassessments, debt terms like interest only, debt recourse, etc.
I canβt go anywhere without some soccer team or scouts group (slightly better since theyβre selling something but I donβt want any popcorn so to me itβs the same thing) asking for money. Usually using kids to do so to invoke a pity donation. Iβm more against giving them money than to a person standing next to a freeway intersection with a sign saying hungry. I just want to shop and drive in peace!
They should not be allowed to stand in the doorways of stores and bother people while trying to run errands. Or at least not cover both entrances making it impossible to get away from. At least with people on the corner you just have your windows up and donβt have to interact with them.
What's the deal with this place? Everything is closed and it feels like such an eyesore. Does anyone have insight into why this place has remained unoccupied for so long?
You sir have just lost yourself a customer.
I had parked at the very end of the lot, as usual to avoid door dings fender benders. So it caught my attention when someone else had chosen to park adjacent to me. I normally take my time getting in and out of places, so I sat there for a good 30 minutes before heading in to the store.
While shopping, I notice that a young lady and I kept crossing paths in the aisles. She would make direct eye contact, and I would respond with a smile and continue on my way.
When I was ready to check out, she was right before me in the line, but when another line opened up, I again notice her eyes follow me as I move to the other checkout.
After paying for my things and go to return the cart, there she is again in front of me. This time she stops me before I get to the door and in a rather soft and nervous voice asks "Is it alright if I walk out with you please?".
I instantly knew something was wrong. She seemed scared. I took a quick look out the door and saw a man standing there with another fellow as if he were waiting for someone to exit.
I told her "Sure. Of course", asked her where her car was, and put myself between her and the guy waiting outside the door. He was definitely waiting for her, and seemed to mumble sighs of frustration when he saw that someone else was accompanying her and she was not alone.
Turns out this guy had been following her through the shopping center, and the car that had parked next to me at the end lot was her. She was trying to stay near someone she thought would help her, and was gathering the courage to ask for an escort safely back to her vehicle.
When I looked back at the guy she was dodging, he had ran behind the store where the loading docks are, and I made sure he left without following her again.
For fuck sake. When a woman says she's not interested, that means BACK OFF. I felt sorry for her, but glad she was smart enough to push through being timid and actually ask for help.
Edit: As a few others have advised, while this particular incident was not the case, there's apparently a real risk of female decoys used in human trafficking. Luckily it was daylight and there were other people peppered around us in plain view. This girl seemed to have difficulties with being vocal and firm, which may be why he persisted. Best to have staff call for security if you feel the situation poses danger. And thank YOU for being a friend.
I was walking by a pop-up test centre and though I didn't specifically need one, I was interested. Took 7 minutes from deciding to be tested to being on my way after. Results in 20 minutes. Can opt in or out to share that info anonymously with government. No issue with not being a citizen or anything.
It's a city with a (depressingly) functional public transport system. You need a vaccine cert or antigen test to ride so people with hang ups about the vaccine get themselves tested daily. Bars and restaurants diligently check the same, scanning and ID.
It was like wandering around la la land looking at things functioning properly, and people taking proper advantage of these services.
That said, the numbers there are rising too and they've also had to increase restrictions, but from what I can tell very few numbers and coming from public services or bars etc it's mostly unregulated activities, - but I was told this by a couple of Germans, haven't read it myself.
EDIT: lot of arguments in the comments about if the approach in Berlin was the right one, who's to blame for increasing numbers etc. My post wasn't to say look how great the approach to COVID was, or wasn't, in Berlin, but highlighting that once a decision on approach was made, they went whole hog and made things systemically easy and efficient, with very clear rules and restrictions. That was the major difference. Easy access and clear as day. Efficient doesn't necessarily mean the correct approach, but they are giving themselves the best chance on any decisions by being thus.
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