Cincinnati Red has it 100% right in his post.
This retail portfolio is big box retail, homewares, electrical etc( ie discretionary spend). It is currently a busted sector that will take several years to recover.. Not even close to MCW in sector/quality and they had 9.1% average cap rate in a real transaction.
8.4% cap rate for MDT is unrealistic. try 9.5% to 10.5%.
Equity is presently close to zero
