Charleston-based Bond Street Advisors, the leading owner of Class A convenience retail shopping centers across 10 southeastern states, today announced the incorporation of Bond Street Investment Trust, a Perpetual Life Private Real Estate Investment Trust. It is the first and only Private NAV REIT whose portfolio is exclusively invested in the convenience retail sector.
Since 2014, Bond Street has acquired, and continues to manage, a carefully curated portfolio of open air convenience centers in low-tax, high-growth southern markets—all of which are suburban, multi-tenant, highly visible, boulevard facing and largely populated with drive-through fast casual food concepts and daily needs service tenancies. Southeastern markets include South Carolina, North Carolina, Virginia, Tennessee, Alabama, Georgia, Florida, Indiana, Kentucky and Texas.
Since 2014, Bond Street has acquired, and continues to manage, a carefully curated portfolio of open air convenience centers in low-tax, high-growth southern markets—all of which are suburban, multi-tenant, highly visible, boulevard facing and largely populated with drive-through fast casual food concepts and daily needs service tenancies. Southeastern markets include South Carolina, North Carolina, Virginia, Tennessee, Alabama, Georgia, Florida, Indiana, Kentucky and Texas.
Bond Street’s current SPE structured portfolios will be contributed to the REIT sequentially as the current debt instruments allow. Additionally, Bond Street REIT has earmarked up to $100MM over the next eighteen months for continued accretive portfolio acquisitions meeting its investment criteria, responding to the excellent operational metrics and low vacancy levels within its current portfolio. Investor demand for high yielding, inflation hedged, net leased centers concentrated in high growth southern markets remains robust within Bond Street’s private accredited investor capital relationships.
Chairman and founder, Michael D. Reynolds, attributes Bond Street’s growth and success to its asymmetric foundational philosophy that unanchored, non-core, southern strip centers represent the highest visibility, best accessibility and infinitely more convenient real estate in the retail universe, which was largely undervalued and overlooked by the investment community at its inception. Pivoting to the Private NAV REIT structure with a mature and battle tested management team, Reynolds says, “is a natural evolution to ensure long term continued asset ownership, enhanced dividend yield, reduced portfolio risk, the allowance of elective investor liquidity and the adoption of a superior tax structure.”
Reynolds affirms, “growing concentrated holdings in our sector, NAV appreciation, monthly dividends, liquidity, vertical high touch management with consistent funds from operations growth—in a zero carried interest structure—has been, and will remain, our defining DNA.”
Reynolds affirms, “growing concentrated holdings in our sector, NAV appreciation, monthly dividends, liquidity, vertical high touch management with consistent funds from operations growth—in a zero carried interest structure—has been, and will remain, our defining DNA.”
About Bond Street REIT
Headquartered at 850 Morrison Drive in Charleston, South Carolina, Bond Street REIT is governed by a board of 5 directors and affiliated with advisory firms: Fried Frank, Venable, Forvis, Allen Matkins and Bellwether Enterprises. Bond Street is a non-SEC Registered Reg D exempt Perpetual Life Private Real Estate Investment Trust for accredited investors only. For more information, please visit bondstreetreit.com.
Media Contact
Maria Castellano
maria@bondstreetadvisors.com
