Case Studies
marlborough industrial/flex
Acquisition Date: 3/24/2023 Initial Project Costs: $13,500,000
Total SF: 80,654
Structure: Joint
Current Occupancy Level: 67%
Type: Industrial/Flex
Location: Marlborough, Massachusetts
Thesis
Acquired a warehouse in Marlborough that was leased to a roster of four tenants offering rare industrial vacancy given current market dynamics. Due to the large vacancy and leases well below market rate, there is a clear path to increase NOI within the first year of ownership. We immediately implemented a strategy to lease the vacant space and raise rents to market.
plymouth industrial/felx
Acquisition Date: 3/17/2023 Initial Project Costs: $3,750,000
Total SF: 29,840
Structure: N/A
Current Occupancy Level: 100%
Type: Industrial/Flex
Location: Plymouth, Massachusetts
Thesis
Acquired a tenant owned warehouse in Plymouth. We found this deal compelling due to its location in a supply constrained market and its historically high occupancy. We negotiated with the owner a below-market price for purchase. The rent is currently 25-30% below market. Having identified deferred maintenance we have a clear path to raising rent to market value and increasing cash flow.
Jacksonville industrial
Acquisition Date: 2/27/2023 Initial Project Costs: $20,700,000
Total SF: 168,000
Structure: Joint
Current Occupancy Level: 100%
Type: Industrial Warehouse
Location: Jacksonville, Florida
Thesis
Acquired a brand new warehouse located within an industrial park in Jacksonville, Florida. The warehouse came with a market rate lease of an international company providing a very stable tenant. This will be a long hold property that will generate consistent cash flow with minimal oversight needed.
norwalk residential/medical
Acquisition Date: 2/16/2023 Initial Project Costs: $9,700,000
Total SF: 43,974
Structure: Joint
Current Occupancy Level: 100%
Type: Medical Office/Residential
Location: Norwalk, Connecticut
Thesis
Acquired this mix use property in Norwalk consisting of residential apartments and a medical office with a triple net lease. The strategy of tackling deferred maintenance and raising rents to market was implemented immediately.
Canton Industrial/flex
Acquisition Date: 10/15/2022 Initial Project Costs: $3,700,000
Total SF: 30,000
Structure: Joint
Current Occupancy Level: 100%
Type: Industrial/Flex
Location: Canton, Massachusetts
Thesis
Acquired this value add investment in Canton. The property will benefit through new ownership focused on maximizing the buildings potential by increasing lease rates, repositing the asset as a distribution/warehousing facility, and operating with a premier management style. In addition, the building sits in the path of development, which we intend to explore alternatives use cases as we think the land value could be worth more than the building itself as a possible residential development.
Stoughton multi-family
Acquisition Date: 12/28/2021 Initial Project Costs: $1,500,000
Total Units: 12
Structure: Joint
Current Occupancy Level:
Type: Multi-Family
Location: Stoughton, Massachusetts
Thesis
Brought our expertise of fundraising and real estate to a joint venture with a construction team. Acquired the multi-family building with rent 50% below market value and a walk from commuter rails. Implemented a strategy to renovate units and increase rent to market upon the completion of construction.
Taunton Industrial/flex
Acquisition Date: 12/15/2021 Initial Project Costs: $
Total SF:
Structure: N/A
Current Occupancy Level: 100%
Type: Industrial/Flex
Location: Taunton, Massachusetts
Thesis
This acquisition allows investors to capitalize on the growing demand and requirements for functional warehouse space between 20,000 SF and 50,000 SF. The lack of supply in the immediate area is scarce, and the ability to acquire a well-located, Class B industrial warehouse is unique. The building will be occupied by a tenant who entered into a lease that affords investors to lock in long-term durable yield with limited continuous capital expenditures.
Jupiter Retail plaza
Acquisition Date: 10/14/2021 Initial Project Costs: $25,500,000
Total SF: 55,046
Structure: Joint
Current Occupancy Level:
Type: Grocery Anchored Retail
Location: Jupiter, Florida
Thesis
Acquired a shopping center, anchored by a highly productive Fresh Market grocery store. The shopping center is situated as the most convenient shopping destination within the Northern Palm Beach Country submarket, the immediate trade-area is currently realizing rapid growth with a high median income.
Dartmouth Industrial/flex
Acquisition Date: 3/12/2021 Disposition Date: 10/5/2022
Initial Project Costs: $1,195,000
Total SF: 13,454
Structure: N/A
Type: Industrial/Flex
Location: Dartmouth, Massachusetts
Thesis
Acquired a unique building, in good condition, and sitting on an extensive site with excess parking/storage. The township has approved the site for outdoor storage (very rare and cumbersome to get), and the current tenant's utilization of the outdoor storage is critical to their business. All of these features are scarce in the immediate submarket. Exited investment early, after receiving unsolicited offer from a private investor, which generated a 44% IRR return.
Lake Worth industrial
Acquisition Date: 9/30/2020 Disposition Date: 12/14/2021
Initial Project Costs: $1,200,675
Total SF: 10,230
Structure: N/A
Type: Small Bay Warehouse
Location: Lake Worth, Florida
Thesis
Acquired a 100% occupied small bay warehouse in Lake Worth, FL. Implemented a disciplined value-add program which included making capital improvements, streamlining rent collection, increasing rents, and enhancing bottom-line net operating income. Executed business plan by making select capital improvements, turning over leases, and reducing expenses generating +10% cash yields. Opportunistically exited deal within 24 months, generating +40% IRR for investors.
North End Multi-family
Acquisition Date: 3/1/2020
Initial Project Costs: $5,500,000
Total Units: 10
Structure: N/A
Current Occupancy Level: 70%
Type: Multi-family
Location: Boston, Massachusetts
Thesis
The property presented a rare opportunity to acquire a troubled asset in receivership. JB Capital was able to move quickly and navigate the complex litigation process. The property benefits from a superior location in the North End submarket of Boston. JB Capital identified select value-add opportunities, which include professional management, deferred maintenance, performing interior renovations, and RUBS recapture.
Single Tenant Warehouse
Acquisition Date: 9/1/2019
Initial Project Costs: $1,500,000
Total SF: 35,000
Structure: Joint Venture
Current Occupancy Level: 100%
Type: Warehouse
Location: Lowell, Massachusetts
Thesis
The property presented an exceptional opportunity to acquire a single-tenant industrial property at well below replacement costs. The urban infill property benefits from an in-place credit tenant, a long-term lease, a durable cash flow, and a mission critical location for the existing tenant
Rhode Island industrial
Acquisition Date: 2/8/2018
Initial Project Costs: $4,400,000
Total SF: 66,065
Structure: N/A
Current Occupancy Level: 100%
Type: Industrial Warehouse
Location: Providence, Rhode Island
Thesis
Acquired a fully leased, multi-tenanted warehouse building with a strong occupancy history at below replacement cost. The location benefited from its excellent proximity to the region’s major distribution networks and access to major highways. Unique features of this property include ceiling heights up to +20' clear, access to excess parking, and configurable layouts. All of these features are scarce in the immediate submarket.
Class-A Marlborough Flex
Acquisition Date: 2/8/2018
Initial Project Costs: $6,200,000
Total SF: 45,829
Structure: Joint Venture
Current Occupancy Level: 100%
Type: Distribution/Flex
Location: Marlborough, Massachusetts
Thesis
The property presented a unique opportunity to acquire a Class-A flex/office asset in a supply-constrained market. Upon acquisition, the property was fully leased to a diverse set of credit tenants who had significant capital investment in their respective spaces. The property is centrally located at the intersection of I-495 and I-90, which provides access to a highly skilled employee base and strategic distribution routes. The partnership saw upside potential by way of professional management, contracted rent increases, and the completion of previously deferred maintenance.