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Sale / Leaseback

15 Individual Fee Simple Locations | Western US| $27,250,000|SOLD

"Not just a sale/leaseback, but 15 different exit strategies created over three states"

CHALLENGES

Multiple environmentally impacted sites
Multiple 1031 exchange requirements from investors
Sale lease-back structure
2008 vintage property

VALUE ADDED

Completed front end master lease negotiations prior to opening of escrow

RESULTS

Timely execution met 1031 exchange deadlines
Adjusted pricing and rent factor in order to accommodate 1031 requirements


Reposition and Re-merchandise

Neighborhood Center | North Orange County, CA | $21,890,000 | SOLD

"Re-brand. Re-position. Re-lease."

CHALLENGES

No traditional anchor
Secondary location with minimal visibility and lower than average traffic counts

VALUE ADDED

Branded the property as a "destination" shopping center

RESULTS

Placed assumable loan on the property which allowed for parcelization of Ralphs to provide maximum flexibility for redevelopment
Created an optimal break up strategy for long-term value creation
Leased several spaces that had been vacant for an extended period of time
Renewed several short term leases for longer term


Break-Up – Separate Parcels

Mixed-Use | Northern San Diego, CA |$28,900,000 | SOLD

"Separating the parcels created value where others saw none"

CHALLENGES

Non-traditional retail location and tenant mix
Challenging two-story/mixed-use property
Major restaurant space had been vacant for over one year
Difficulty in obtaining long-term financing

VALUE ADDED

Positioned asset as the only retail center allowed in the business park
Renewal of numerous leases with near-term expirations at significantly higher rents
Repositioned the market appeal of the vacant restaurant by creating multiple break-up floor plans

RESULTS

Completed parcelization and break-up of the project during client's holding period
Sold property as four parcels in two separate sales
Placed assumable financing on separate parcels


TIC Conversion

1.2 million square foot Regional Mall | Los Angeles County, CA | $170,000,000 | SOLD

"A signature TIC deal that changed an entire industry"

CHALLENGES

Shop sales at mall were below average with high percentage of non-credit tenants and temporary tenants
Property owned by TIC with 36 separate owners requiring 100% approval to sell
Multiple tenant issues: co-tenancy, bankruptcies, kick-outs
Limited buyer pool requiring $90 million down payment for required loan assumption

VALUE ADDED

Positioned mall shop sales by categories to achieve desired sales industry threshold
Targeted experienced mall owners with ability to leverage tenant relationships to attract replacement credit tenants
Branded as "Town Center" serving trade area with unique combination of department stores, entertainment, big box retailers, restaurants, and other services

RESULTS

Gained 100% approval to sell prior to marketing
Received 10 competitive bids
Largest retail sale in the US


Value-Add Redevelopment

Regional Community Center | Ohio | $93,300,000 | SOLD

"Uncovered upside strategy to add square footage and create value"

CHALLENGES

Major tenants included Barnes &Noble, Toys 'R' Us, Lazarus Furniture Gallery, Old Navy, Staples, and Linens-N-Things
90% occupancy but lack of historical rental rate growth
Located across the street from 1.1 million square foot Kenwood Towne Center

VALUE ADDED

Focus on the synergy of the regional mall across the street
Determine that, based upon site coverage, adding square footage is possible

RESULTS

Procured a California 1031 investor
Upon execution of the purchase contract, the buyer deposited $1million non-refundable


Mega Break-Up – Multiple Parcels

Regional Shopping Center | Los Angeles County, Calif. | $138,000,000 | SOLD

"Largest Break-Up Strategy Ever Executed"

CHALLENGES

Needed to do lot line adjustment to separate from Longs Drugs parcel
Needed to maintain the success of the center with potentially seven different owners
Size of break-up never before executed

VALUE ADDED

Break-up into seven separate investment offerings increasing the pool of potential investors
Create an association agreement covering all issues related to a multi-ownership center including lease exclusives and common area issues

RESULTS

Executed the largest break-up of a retail center in the US
All seven separate parcels closed within a 12-month period
Opportunistic fund return on a core acquisition