Project Overview: Dublin Crossings
We lease-optioned a commercial property in the city’s new downtown for $10M, with a deposit of just $1.2M. We only needed about $400,000 to update the entitlements, tear down the commercial building, and sell the buildable lots. We raised the $1.6M half-way through our first presentation! Our plan was to sell the finished lots to builders for $14M. We received multiple offers for $20M, accepting Pulte Homes as the buyer.
Project Overview: Challenge Dairy, Dublin California.
When we lease-purchased the Heritage Park property in Dublin, CA there was an existing commercial building with tenants. The business plan was to move those tenants to other locations, re-entitle the land, and sell lots to builders. All the tenants were relocated except one, Challenge Dairy. They were unable to find a suitable office for their corporate headquarters, and the city of Dublin wanted them to stay within city limits, but we had to tear down the existing building in order to provide build-able residential lots.
Our very creative developers came up with a win/win solution. We decided to use some of the residential lots on the Heritage Park property to build a brand new office for Challenge Dairy. This very much pleased Challenge Dairy and kept the city of Dublin on our side.
We raised an additional $1.6M to build a 2 story, 14,000 sq foot office building and paid investors a 20% preferred return.