Overview
Morguard Sunstone
Sunstone US (No. 4)
Sunstone US (No. 3)
Sunstone US (No. 2)
Sunstone US
Sunstone (2008)
 
CIRE Limited Partnership
Summary
 
[printable version - pdf 223K]

The Principals of Sunstone, Darren Latoski and Steve Evans, held the majority 66.6% ownership and were the principal architects of CIRE Limited Partnership.


Portfolio Summary

Final closing: July 2003
Total units: 1,195
Per unit: $12,500
Debenture interest rate: 9%
Equity raised: $14,937,500
Total portfolio acquired: $40,500,000
Number of properties: 2
Gross sale proceeds: $63,000,000
   

Properties
 

Parkway Mall Shopping Centre
Don Mills, ON
Purchase price: $29,000,000
Purchase date: January 2003
Property type: Retail & office
Net rentable area: 282,516 sq. ft.
Number of tenants: 128
Date sold: January 2004
Selling price: $37,500,000


 
No photo available.
Queensway Business Park - 50% interest
Etobicoke, ON
Purchase price: $11,500,000
Purchase date: October 2003
Property type: Industrial business park
Area: 334,200 sq. ft.
Number of tenants: 25
Date sold: January 2004
Selling price: $25,500,000



Return on investment
 
Each unit was acquired for $12,500 and all of the properties were sold within 13 months of investment.
 

Summary of cash distributions paid to Limited Partners

Total

Per $2,500 unit
In 2003
$ 201,656.25
$ 168.75
In 2004
$ 5,736,000.00
$ 4,800.00
Total cash received
$ 5,937,656.25
$ 4,968.75
     
Summary of interest paid on debentures
Total
Per $10,000 debenture
In 2003
$ 1,075,500.00
$ 900.00
In 2004
$ 209,208.65
$ 175.07
Debenture redemption Feb. 2004*
$ 11,950,000.00
$ 10,000.00
Total interest received
$ 13,234,708.65
$ 11,075.07
* Please note this amount represents the full face value of the debentures.
     
Total cash received from January 2003 to August 2004

$ 19,172,364.90

$ 16,043.82
     
In summary, from date of investment to the date the last property was sold, investors' total net return was 28.35%.

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