Theo Ventures
Pipeline
TV-ISOLAActive96High

Isola Shoppes at Estate Carolina

St. John, U.S. Virgin Islands·Mixed-Use Retail / NNN·13-A Estate Carolina LLC · Theo Ventures GP
Confidence
88
Set status
Total cost
$10.5M
Target IRR
16.0–19.5%
MOIC
2.10x
Hold
5 yrs

Investment thesis

11-unit NNN center anchored by Dave's Fresh Market in St. John's primary tourist corridor. Updated NOI ~$1.10M post-renewal supports a 6.5–7.5% cap. Assumable $3.8M senior plus a $300M+ Water Island resort catalyst pending USVI Legislature review.

Risk register

  • Market
    Cap-rate expansion in exit year
  • Capital
    Floating-rate exposure post-cap
  • Sponsor
    Concentration in single GP relationship

Diligence checklist

8 of 11 items complete
73%
Workstreams cleared
Workstream
Market
2/2
  • Submarket comps, absorption & demand catalysts
    K. Reyes
  • Tourism / employment / migration overlay
    K. Reyes
Workstream
Financial
2/3
  • Underwriting model stress test (±200 bps)
    J. Tan
  • T-12 operating expense & rent-roll verification
    J. Tan
  • Debt term sheet & rate-cap pricing
    M. Okafor
Workstream
Legal
2/2
  • Title, survey & entity formation review
    Goodwin
  • Escrow agent & tranche release mechanics
    Goodwin
Workstream
Physical
1/2
  • Phase I ESA & property condition assessment
    ARUP
  • Construction budget & schedule verification
    ICM
Workstream
Sponsor
1/2
  • Sponsor track record, references & KYC
    C. King
  • GP co-invest, promote & waterfall structure
    C. King
Counterparty diligence
Composite 96 · High

Proceed with standard documentation.

Updated 2026-07-10
T1
4/ 6
Government / primary source
T2
2/ 6
Independent third-party corroboration
T3
0/ 6
Single self-reported source
T4
0/ 6
Unverifiable / absent
  • A · Weight 20%
    Entity Verification
    5.0/5
    • T113-A Estate Carolina LLC active in USVI; formation date consistent.
  • B · Weight 20%
    Principal Background
    5.0/5
    • T2GP principals corroborated via multiple independent sources; local track record verifiable.
  • C · Weight 15%
    Regulatory Standing
    5.0/5
    • T1No adviser registration required for single-asset owned entity; NNN operations legitimate.
  • D · Weight 15%
    Litigation & Enforcement
    5.0/5
    • T1Clean PACER + USVI Superior Court search.
  • E · Weight 20%
    Track Record / Funding Mechanism
    4.0/5
    • T1T-12 rent roll verifiable; Dave's Fresh Market lease on file; assumable senior confirmed.
  • F · Weight 10%
    Public Footprint Coherence
    5.0/5
    • T2All materials internally consistent; C&W appraisal supports basis.