The Green Valley Ranch property was 100% leased to Del Taco Inc (nasdaq: TACO), the second largest Mexican restaurant chain in the world. Green Valley is an upscale neighborhood of Henderson,Nevada and a community development of 8,400 acres on the southeast part of the Las Vegas valley. Extenuating circumstances caused the seller to liquidate. The seller had financed this site with a $1.3m loan in December 2003. The acquisition cost was 57% of the 2003 loan. Store sales had deteriorated since the beginning of the 2007 recession. Bedrock Investments Group (BIG) recognized the potential for this property even though less than two years remained on the lease at acquisition. The existing 250,000+ sf retail center across the street was vacated in 2009 in anticipation of the development of a casino and hotel which was never approved. The center is in the initial stages of a renovation and re-merchandising program. A galaxy theater complex with stadium seating opened in 2015. Taco Bell adjacent to the Del Taco closed prior to big acquisition, and sales at Del Taco increased by 20%+. Del Taco renewed their lease for the property for ten (10) years and the property was sold for a sizable gain to partners.
Aspen DentalMarshalltown, Iowa
Hendrick Regional HealthAbilene, Texas