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Cloverleaf Fund IX Acquires Geographically Diverse, Midwestern, Value-Add Properties

Cloverleaf Fund IX Acquires Geographically Diverse, Midwestern, Value-Add Properties

Cloverleaf Fund IX has purchased three well-located value-add properties, each in different Midwestern markets. As reported in a previous newsletter, in July 2021, we acquired Pyramid Place, a 52,184 square foot center on the north side of Indianapolis. Since then, we bought the following properties:

4 Hales Corners

Hales Corners, WI Center (Hales Corners, WI)

In July 2022, Cloverleaf Fund IX acquired a 35,690 square foot value-add property in south suburban Milwaukee in an off-market transaction. The multi-tenant building, which was 29% vacant upon our purchase, sits between two established, busy grocery-anchored centers and shares access lanes with both properties. The asset is located in a particularly dense, infill portion of Hales Corners and enjoys excellent visibility, good signage, and easy ingress/egress. We acquired the property with a mix of capital from Fund IX investors and a loan equal to 40% of the purchase price, but with the ability to add more debt as needed. We believe that with enhanced attention to leasing and management needs, and a willingness to put additional funds into the project, we can stabilize and improve it, while receiving reliable cash flow, even at current occupancy.

4 Houston Commons

Houston Commons (Florence, KY)

In February 2023, Cloverleaf Fund IX acquired a 44,252 square foot value-add property in south suburban Cincinnati. The multitenant building, which was 15% vacant upon our purchase, includes a long-term leased, well-performing PetSmart and is part of a development anchored by a separately-owned Target.  It is located along the primary retail corridor in Florence, KY, a strong market in the Cincinnati MSA. The property is approximately a half mile from I-71/I-75, five miles from Cincinnati/Northern Kentucky International Airport, and 10 miles from downtown Cincinnati. We acquired the center with a mix of capital from Fund IX investors and a loan equal to 47.5% of the purchase price, but with the ability to add more debt as needed. Additionally, the asset sits across the street from St. Elizabeth Florence Hospital. We believe the property presents a compelling combination of stability and value-add.