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Re-Development of Multi-Tenant Retail Center


Escondido, CA

This case study highlights RRA Capital's recent successful closing of a multi-tenant retail center situated in Escondido, California.

Originally constructed in 1981, the property is a single-story section of a grocery-anchored retail center, spanning an expansive 37,000 square feet on a 3.4-acre site. It forms part of a larger shopping center, comprising five non-contiguous sites, including three out-parcels.

The sponsor has outlined a comprehensive strategy to conduct minor capital improvements and significant tenant improvements aimed at attracting additional tenants and filling the remaining vacant space. RRA Capital played a vital role by providing a non-recourse loan of $6 million, which includes funding for acquisition, follow-on financing for tenant improvements, leasing costs, and capital expenditures. This well-structured financing arrangement supports the sponsor's redevelopment vision and positions the property for increased leasing success.

This marks RRA's second transaction with the sponsor, demonstrating a fruitful partnership built on trust and mutual success. Notably, both properties were acquired from the same underperforming seller, underscoring the sponsor's aptitude for identifying value-add opportunities. The first loan with RRA Capital, obtained when the property was only 44% leased, witnessed significant leasing progress within a mere five months, nearly achieving full occupancy. This impressive track record highlights the sponsor's competence and RRA Capital's unwavering support in achieving remarkable outcomes.

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