BaseCamp Announces Sale of The Shops at Westwoods

BaseCamp Capital today announced the sale of The Shops at Westwood in Arvada, Colorado.

BaseCamp acquired The Shops at Westwood, a 22,550 square feet retail center located in the northwest Denver metro area in October 2003.

The one-story masonry building was constructed in 2001 and was ~90% occupied when acquired. BaseCamp negotiated a purchase price equal to a capitalization rate of 9% of then current revenue. BaseCamp managed the center for two years, and in the process was able to fill the center to 100% occupancy.

The investment has returned an average 10% to the investors for the life of the investment. BaseCamp recently entered into a contract, which is due to close November 16, 2005 to sell The Shops at Westwood at a price representing a 8% capitalization rate on current revenue and occupancy. This sales price represents a 75% cash on cash return and a 30% internal rate of return to our investors.