HOLIDAY ISLAND, Ark., Aug. 15, 2017 (GLOBE NEWSWIRE) -- Holiday Island Holdings, Inc. (OTCPink:HIHI), a development stage company operating in the land development sector of the market, released the news today that the terms of the acquisition of the three (3) top performing buildings have significantly improved.
Earlier this year, HIHI secured the opportunity to acquire the three (3) top performing buildings in the center of the Holiday Island Shopping Center for a total purchase price of $ 2.0 million.
Now, the Company has the opportunity to buy these commercial properties in stages starting with purchase of Powell’s Hardware at $ 340,000.
The 3 buildings consist of 1) Sunfest Market – the most popular grocery store in the area – 2) Powell’s Hardware – a very successful regional chain – and, 3) Fred’s Discount and Pharmacy – a top performing store in the regional chain.
Combined, these buildings have 51,000 SF of rental space on 3.5 acres, and they generate ~ $ 190, 000 of annual net lease income at a 9.2 % ROI. Acquisition costs are as follows:
I) Sunfest - $1,000,000 M, 2) Fred’s - $ 660,000, and 3) Powell’s – $ 340,000.
Powell’s hardware generates an annual net income of ~ $ 30,000 and a ROI of 8.8%.
Gene Thompson, CEO of Holiday Island Holdings, said, “The opportunity to buy these properties in stages, starting with the smallest acquisition cost, gives us the advantage of a shorter time to raise the funds, and faster period to get a significant commercial income producing asset on our books. Eventually, the acquisition of the 3 top performing buildings would give HIHI a monopoly on the local retail markets.”
Holiday Island Holdings, Inc. will keep both its shareholders and public completely informed of the entire process as the details continue to develop. Please watch for regular press releases about the Company’s progress. For additional information, please visit the Company’s website at www.holidayislandholdings.com.
About Holiday Island Holdings, Inc. (OTCPink:HIHI):
Holiday Island Holdings, Inc. is operating its core business in land development in a continued effort to acquire and further develop income producing commercial and residential real estate located in Holiday Island, Arkansas. The company is in the process of further developing a town poised to become the largest community between Northwest Arkansas Metroplex and Branson, Missouri, and prosper in its participation in the local retail, commercial, and residential markets.
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Source:Holiday Island Holdings, Inc.