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Kanan Crossing

Malibu, CA

Opportunity to acquire an off-market mixed use asset on the hard corner of Pacific Coast Highway and Kanan Dume in Malibu. Trion will conduct an extensive renovation program bringing a 25 year old property up to current design standards which will increase the consumer draw to the property and increase the probability of leasing to credit tenants at a premium rent. If the assumptions are executed, the unlevered return on cost will be 8% and the levered project-level IRR in excess of 25%. Upon completion of the construction and retenanting of the property, the asset will be refinanced with permanent debt.

  • Acquisition Date: February 2014
  • Acquisition Price: $5,750,000
  • Renovation Costs: $1,800,000
  • Projected Project Level IRR: 25%
  • Total Square Footage: 16,700

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