St. Charles, MO
|DATE OF FUNDING||8/5/14|
|GROSS LOAN AMOUNT||$4,800,000|
|LOAN TO VALUE||59%|
|NET NOTE RATE||7.49%|
|TERM OF INVESTMENT||18 Months|
St. Charles, MO
$1,000,000 FOR THE ACQUISITION AND IMPROVEMENTS TO COMPLETE AN ADAPTIVE REUSE OF A FORMER K-MART TO A INSTITUTIONAL QUALITY SELF STORAGE FACILITY AND RETAIL SPACE IN THE CITY OF ST. CHARLES, MO.
This project includes an adaptive reuse by converting a former K-Mart totaling 126,250sf into approximately 105,409sf (86,000sf of net rentable space) of Class “A” quality climate controlled self –storage. The remaining 20,841sf is presently occupied by Chuck E Cheese on a long term NNN lease for the improved commercial/retail space. The self-storage component will represent a storage “super center” approach offering numerous onsite profit centers, including; RV storage, commercial and retail self-storage, store front retail, business center and overnight shipping, truck rentals and moving supplies all housed within a storm proof environment.
The site offers excellent visibility from US 70 (Veterans Memorial Parkway) and has easy access because of its’ close proximity to the intersection of Highway 94 and US 70.
With Chuck E Cheese (an “A” credit tenant) occupying 16.5% of the space and a $21.38/sf total cost for the land and building we believe the property was acquired under favorable terms for $2,700,000. Funding for the project totaled $7,046,181 which is made up of the $4,800,000 loan, of which ABLP participated with $1,000,000 and the buyers contributed capital totaling $2,246,181. The loan is secured by a first trust deed and all funds are to be applied towards the acquisition, improvement and holding costs.
In addition to the subject property’s proposed use there is value added potential from the sale/lease of 2 separate outparcels created out of an excess portion of the land that is adjacent to US 70 (Veterans Memorial Parkway).