Sand City, CA
Preserve West Capital acquired a retail building formerly tenanted by Circuit City. In 2016, TJ Maxx purchased the Sports Authority lease out of bankruptcy and guaranteed the lease, which provided a significant credit enhancement. The property was initially renovated and re-tenanted by Sports Authority on a long term net lease. The property is positioned with the dominant retail center in the trade area; it is anchored by Target, Save Mart, and Costco. This is a long-term hold as the market is very strong, rents are historically low, and barriers to entry are significant.