The asset was acquired for $90,250,000, with total acquisition costs including reserves totaling $93,556,353. The physical asset contains two 20,000-gallon underground diesel storage tanks installed in 2000.
Valuation ladder
Acquisition price$90.25M
Offering price$97.98M+8.6%
Appraised value$910.0% of offering
Cap rate spread & load
Upfront load (all-equity)5.00%equity = offering price
Load net of reserves4.06%
Acquisition Price
$90,250,000
Offering Price
$97,979,841
Appraised Value
The Sponsor obtained an appraisal from Cushman & Wakefield reflecting a market value of the Property of $91.4 million as of April 30, 2026.
Upfront Load
—
Load on Equity
—
Load on Offering Price
5%
Acquisition Cap Rate
—
Syndicated Cap Rate
—
Premium / Discount
—
Appraisal / Offering %
93.24%
Less Reserves %
—
Strengths
- Acquisition price of $90,250,000 below appraised value
- $300,000 dedicated improvement reserves funded
Concerns
- Underground storage tanks installed August 1, 2000
- Total acquisition cost reaches $93,556,353 with fees and reserves