San Carlos Village

Pursued the acquisition of an old Ralphs anchored shopping center that housed two banks merged into WaMu, Avis Car Rental, Firestone Tire center and a struggling Burger King with vacant elbow space (former TJ Maxx) all subject to pending nightmare of the new 125 Fwy overpass and offramp construction and consequent street impairments on Navajo

Sales Volumes for the Ralphs had declined in recent years, a new 60K Albertsons was under construction within a quarter mile at a new 125 Fwy offramp, and the existing Vons and Albertsons that boxed the center outclassed it with access and co-tenancy. There was an opportunity to solve the corner elbow vacancy, back fill the Ralphs with a different small format operator, replace both WaMu Merger Banks with a Walgreens and replace Firestone with a new bank outparcel. We qualified the tenant risk and discovered abandoned pipes that fed former underground gas tanks, unqualified exposures in the lift equipment in the tire center, a poorly designed and leaking clarifier in San Carlos Auto, and abandoned underground equipment near the Burger King. Ultimately did not close due to extensive Trammell Crow relationship issues with PM Realty.