LBX Investments

PORTFOLIO

Southeastern Neighborhood Shopping Centers

Investors have been largely running from retail. The relentless rise of Amazon, combined with doomsday headlines and retailer bankruptcies, has led to chaos within the sector. In 2015 we rolled up our sleeves and began studying the industry, and our findings have been inconsistent with the larger, negative narrative played out in the media. Discounters, some grocers, and service providers compete well with e-commerce and have shown significant growth and stability through multiple market cycles. Additionally, many Southeastern markets - such as Nashville, Atlanta, and Charlotte - are attracting employers and growing at a faster rate than global gateway cities such as New York and San Francisco. Real estate valuations in these Southeastern markets are also favorable, on a relative basis, to those larger markets. Since early 2016, pursuing this strategy of acquiring well-located assets in these markets, principals of LBX have acquired 16 neighborhood shopping centers, comprising more than 2.2 million square feet and approximately $168.5 million in current market value.   

 

 
 

Status: Active (Acquired on 4/8/19)

 
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TERRACES AT UNIVERSITY PLACE

Terraces at University Place is a Class B, 65,112 square foot neighborhood shopping center located in Charlotte, NC.

Key Attributes:
  • 96%+ occupied
  • Located across the street from University of North Carolina Charlotte’s main campus
  • Well-diversified mix of local and regional retailers


  • Status:
  • Targeted Holding Period: 5 Years
  • Total Required Equity: $4,630,000
  • Annual Avg. Cash-on-Cash Returns to LPs: 9.2%
  • Projected IRR to LPs: 15.0%
  • Target Equity Multiple: 1.79x
  • Status: Active
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    Status: Active (Acquired on 4/1/19)

     
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    VILLAGE AT CHAPEL HILL

    Village at Chapel Hill is a Class B+, 17,719 square foot strip center located in suburban Atlanta, GA.

    Key Attributes:
  • Shadow-anchored by a 45,000 SF LA Fitness (part of the original acquisition and sold at close), and Aldi
  • Well-located asset in primary retail corridor


  • Status:
  • Targeted Holding Period: 2 Years
  • Total Required Equity: No LPs
  • Annual Avg. Cash-on-Cash Returns to LPs: No LPs
  • Projected IRR to LPs: No LPs
  • Target Equity Multiple: No LPs
  • Status: Active
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    Status: Active (Acquired on 9/24/18)

     
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    HARBISON CENTER

    Harbison Center is a Class B, 187,974 square foot community shopping center located in Columbia, SC

    Key Attributes:
  • One of the best-positioned centers in the top retail node in the Columbia submarket
  • Located directly across the street from an institutionally owned mall
  • On a hard corner with average daily traffic counts exceeding 40,000 VPD
  • Multiple strategic opportunities to improve the center over time


  • Status:
  • Targeted Holding Period: 6 Years
  • Total Required Equity: $8,447,625
  • Annual Avg. Cash-on-Cash Returns to LPs: 11.0%
  • Projected IRR to LPs: 17.9%
  • Target Equity Multiple: 2.12x
  • Status: Active
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    Status: Active (Acquired on 6/28/18)

     
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    ALAFAYA COMMONS

    Alafaya Commons is a recently redeveloped Class B, 130,811 square foot neighborhood shopping center located in Orlando, FL

    Key Attributes:
  • One mile away from the second largest university in the country, University of Central Florida (67,000+ population as of 2018)
  • Opportunities to beautify center and improve occupancy
  • On a hard corner with average daily traffic counts exceeding 100,000 VPD


  • Status:
  • Targeted Holding Period: 4 Years
  • Total Required Equity: $7,745,532
  • Annual Avg. Cash-on-Cash Returns to LPs: 12.3%
  • Projected IRR to LPs: 18.1%
  • Target Equity Multiple: 1.72x
  • Status: Active
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