About this Property

Property 1: Rowland Heights

The address is: 18505 Colima Road, Rowland Heights, CA 91748 . It is currently a parcel of Land. The borrower has a signed lease from 7-Eleven to develop a gas station and convenience store on the property. It will be a ground lease; the lease is a 15 year with 10% increases every 5 years. Corporate guaranteed. He is looking to close within the next 3 weeks. 

Property 2: Pomona

The address is: 1600 W Holt Ave. Pomona, CA 91768. This property is an existing beer and wine operation. He bought the business as well as the property. He is applying for permits as a conversion. 7-Eleven has signed a lease to come on and build out a gas station and convenience store. Since he is applying as a conversion the permits are much easier to attain. The time frame: 2 months until permits are completed. + 4 more months to finish the build-out. Exit strategy: Sell it, already has an offer for 3.5M pending permits. The ground lease is a 15 year with 10% increases every 5 years. Corporate guaranteed.

Property 3: Tustin

  The address is: 16791 E Mcfadden Ave. Tustin, CA 92705. His current parcel is just land. He bought it for $1.8mm and is in escrow to buy the other parcels next to him for $750k. They will be worth $3.22m. His piece by itself is currently worth $2.5mm. The parcels that he is in escrow to buy have a 7-Eleven and coin laundry on them. Once he combines the parcels 7-Eleven has signed a ground lease to build out a convenience store and gas station. The borrower doesn’t need to close on the property till he has full permits and is shovel ready. Timeframe, 480 days from this past January till it’s built up and running. After that, a 15 year lease with 10% increases every 5 years. Corporate guaranteed.

Property 4: Hawaiian Gardens

The address is: 12300 east Carson, Hawaiian Gardens. 7-Eleven has signed a non-contingent lease to build a gas station and convenience store on the property. It is a 15-year lease with 10% increases every 5 years. The property has passed the planning commission phase. It is currently in planning check for building permits. It is already entitled. They are 5 months away from rent commencement.

Property 5: Santa Ana

The address is: The address is 813 Euclid street, Santa Ana. 7-Eleven has signed a lease to build a gas station and convenience store on the property. It is a 15-year lease with 10% increases every 5 years. The property is awaiting the hearing date to obtain their CUP which they anticipate will be no later than January 2020. 7-Eleven has already begun drafting construction plans ahead of the approval. The expected rent commencement is within 9 months.