Club Deal 88 Portfolio
Club Deal 88
Deerfield Beach, FL

The Club Deal 88 Portfolio originated in June 2004 as a $47.8 million acquisition with $13.3 million of Taurus Equity and a $34.5 million loan on five properties: two in Florida, one in Atlanta, Georgia, one in Boston, Massachusetts, and one in Hartford, Connecticut. Two properties were retail shopping centers, one was an office building, one was an office flex building, and one, an industrial building. In total, they comprised 665,000 square feet. The transaction was a value-add-oriented investment. All the properties had issues that impaired value, such as: non-stabilized occupancy, upcoming significant lease expirations, and necessary capital improvements. As a result of an effective asset strategy and a successful and rapid asset management plan, each of the properties was sold at a gain within a timeframe of less than three years. In aggregate, the properties were sold for $77 million realizing a 120.31% IRR.