Tempe, AZ Retail Development

Black Rock, Tempe

blackrock

Overview

Purchase Price: $750,000
Total Project Cost: $1,300,000
Equity Required: $1,300,000
Development Timeline: 1 year
Estimated Project Value: $2,100,000
Projected Return: 58.33%
Purchase Date: 03/22/2019

Opportunity

This property was purchased as a vacated Long John Silver’s restaurant in a highly sought-after infill location in Tempe Arizona.  This location is high traffic on the going-to-work side of the street with immediate access to Interstate 10 via Broadway Rd. The location has a high daytime population with a dense concentration of office and industrial users making it an ideal food service site. The building is approximately 2,200 sq.ft. sitting on a 29,795 sq.ft. lot with drive-through capability. This was a perfect opportunity to purchase a property in a thriving location with the ability to redevelop for a restaurant tenant. This acquisition was an extremely competitive situation, with multiple offers. Our team’s ability to execute quickly combined with our strong broker relationships allowed us to capitalize on the opportunity.  

Our investors gained instant equity as we had a tenant already in tow to create immediate value upon finishing the reposition.  Hanson Capital Group is a preferred developer for several regional and national tenants making opportunities like this a great way to balance our portfolio of long-term investments with some relatively short-term income producing opportunities.  The profits from these development deals will typically be 1031 exchanged into a larger leveraged project. This allows our partners to take advantage of a quick tax deferred gain on their equity, while putting their profits into a more stable long term project producing very attractive leveraged returns. 

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