- Originally purchased with the intent to renovate the existing building and increase the cash flow of the property.
- Opportunity for 47 North to redevelop the property with Living Care was negotiated.
- 47 North and Living Care intend to hold the BPTC long term.
Key Investment Highlights
- Original 47N investors benefit from increased land value relative to acquisition cost.
- Recapitalization event anticipated following project stabilization.
- Significant long term cash flow.
By The Numbers
Acquired - 2017
Built/Redeveloped - 1946/2021 (est.)
Lot - 140,178 SF
Zoning - Neighborhood Center
Existing Building - 35,660 SF
Proposed New Buildings - 223,400 SF
Interesting Project Fact
The BPTC parking lot acts as a park and ride for the famous Browns Point Salmon Bake which occurs every even numbered year on the first weekend in August.
Developer: 47 North and Living Care