Market: Bayonne, NJ
Located on the corner of a signalized intersection in Bayonne, the mixed-use property is shadow anchored by a newly renovated Shop Rite supermarket directly across the street. C6 acquired the property at a discount to market from an out-of-state owner who was not maximizing revenue.
The C6 business plan includes re-tenanting the commercial units and renovating the residential units upon vacancy. C6 sourced new commercial tenants and signed fresh leases for all of the under-rented units. The property is currently producing an 8% + cash-on-cash return.
The next phase of the business plan includes the renovation and re-leasing of the residential units. The investment was capitalized through a joint venture structure with C6 and a private family office. Upon execution of the last phase of the business plan, cash-on-cash returns are expected to grow to 12%.