The Myrtle Beach acquisition is a welcome complement to our portfolio of real estate investments which we anticipate will generate strong returns over the long term.
Woodland Hills, CA (PRWEB) May 15, 2014
Peak Financial Partners, Inc. (http://www.peakfp.com), a private real estate investment firm and Misuma Holdings (http://www.misumaholdings.com), announced today the acquisition of $45 million note secured by Myrtle Beach Mall, a 521,000 square foot enclosed mall facility in Myrtle Beach, South Carolina. The transaction represents another successful collaboration between the two firms, which began its partnership in 1995. “Our goal is to identify turnaround opportunities in the commercial retail sector,” states Gil Priel, Managing Director and Principal of Peak Financial Partners, Inc. “The Myrtle Beach acquisition is a welcome complement to our portfolio of real estate investments which we anticipate will generate strong returns over the long term.”
As a result of the deal, Peak and Misuma will take ownership of the 62-acre facility. The mall’s current tenants include five strong anchor stores including Bass Pro Shops, Belk’s, and a 12 screen Carmike Theater. The property is situated in a busy retail district along the North Kings Highway business corridor in Myrtle Beach. “This is familiar territory for us,” continues Allan Davidov, Managing Member and Founder of Misuma Holdings. “We have executed on this just this type of business plan where our strategic vision in realizing the untapped potential of underperforming retail assets has resulted in a true turnaround benefiting tenants and the community.”
Peak and Misuma have partnered on previous projects, including a retail outlet mall in El Paso as well as other commercial real estate endeavors. Both Peak and Misuma serve as primary capital partners for the Myrtle Beach project, and jointly share asset management duties. Misuma Holdings has a proven track record on its own of retail acquisitions that implements comparable strategies to effect a profitable financial exit for its partners. States Davidov, “The Myrtle Beach acquisition was seamless in execution thanks to our long-standing partnership with Peak in distressed property market. We’re pleased with the outcome of this transaction, and look forward to many more joint endeavors with Peak. “
Peak Financial Partners, Inc. is one of the entities in the Peak Corporate Network headquartered in Woodland Hills, California. In addition to real estate investment services, the Peak Corporate Network entities offer mortgage lending, real estate brokerage and escrow services, short sale services, foreclosure services, mortgage loan servicing, commercial loan modifications, commercial evaluations and 1031 exchange services. For more information, visit http://www.peakcorp.com
The Peak Corporate Network is a brand that represents a group of related separate legal entities, each providing its unique set of real estate services.
Beverly Hills-based Misuma Holdings is a value added developer of commercial real estate specializing in improving and repositioning retail and office properties. The company has owned and developed over three million square feet of retail centers along with other commercial properties nationwide.
For more information about Misuma Holdings, please visit http://www.MisumaHoldings.com