Location: Merced, Calif.
The Challenge.
Acquire a property that Capital Rivers identified as a strategic location for a QSR and at a price that provided for an economically viable development project. The ownership of property was fragmented, near impossible to get ahold of, and they had little motivation to sell.
The Solution.
Again, it was necessary for Capital Rivers to get creative in order to solve this challenge. The solution was to reach out to some of the seasoned brokers in the area that knew the history of the property and had a relationship with the owners. In this case it was Mr. Tom Williams who knew the managing owner of the property which was Albert B. Glickman & Associates who it turned out actually developed the original shopping center in the early 1960’s with K-Mart and Save Mart as the anchor tenants. Mr. Williams was able to open the door and the timing was right because the owners were ready to start discussions of finally selling the property.
- Capital Rivers utilized it’s in depth market knowledge and strategic mapping capabilities to identify the specific target site.
- Capital Rivers then got creative to reach the owner by contacting local folks that had a relationship with the ownership to open the door and start a dialogue. After establishing a level of trust with the owner, Capital Rivers was able to ultimately secure an agreement to acquire the property that allowed for Capital Rivers to secure its necessary entitlements and permits. During this period Capital Rivers also finalized a build to suit lease with Popeyes that included a rare limited Corporate guarantee.
- Capital Rivers was able to get the time necessary from the seller to secure building permits because Capital Rivers continued to keep the seller in the loop as well as provided for some small non-refundable extension deposits. Capital Rivers acquired the property with an equity partner with a construction loan from BAC Community Bank and completed the project on schedule and on budget.
The Result.
Capital Rivers was able to deliver the building and site to Popeyes on schedule and on-budget in a turn-key condition.
Capital Rivers was creative in its acquisition strategy, value engineered the project, and managed the subcontractors to bring the project in on budget and on time.
Capital Rivers maintained the rights to a large freeway pylon sign and this location is reported to be one of the top Popeyes locations in the Central Valley
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