Outdated Small Box Grocery, Dark In-Line 10K sf Drug store, Gross Rents among No-Credit Shops line up, high end residential neighborhood location Spelled Doom for Retail, Boon for Residential Conversion

Acquired 17,000 sf Albertsons which was 7^th oldest in the chain with recent 5 year renewal on lease during merger of Lucky’s & Albertsons, 50K sf Albertsons and 45K sf Luckys located within 2 miles of subject added to closure likelihood, 10,000 sf in-line RiteAid dark for almost ten years in abandoned in-line prototype, all mom/pop shops with rent defaults on short term gross leases spelled high cash flow risk, festering retail disaster scared most buyers away while the surrounding upscale residential pricing defined the opportunity for residential conversion, tied up property, negotiated $500k price reduction for clear Albertson’s exit risk, got another $500k buyout payment from Albertsons, terminated Rite Aid lease, completely cashed out equity with buyout cash receipts, sold at $4.3 million profit on $2.2 million purchase to residential developers within a year of closing.