The Project: Walgreens, Downey, CA: Heslin Holdings purchased a 1.36 acre site. Ripe with opportunity due to its exceptional hard corner location, high vacancy and extreme deferred maintenance, Heslin Holdings was able to secure a lease with Walgreens pharmacy and transform the center into a new Build to Suit freestanding drive-thru Walgreens along with a KFC pad building.
- Midas had issued a lis pendens on the property which precluded anyone from redeveloping the center for many years.
- Heslin tracked the site and leveraged a relationship to get in front of ownership at the exact right time when Midas finally lifted their lis pendens
- Walgreens had an approved deal on the property that dated back to 2006 before the Great Recession hit. Heslin Holdings was able to get that approved deal back on track during 2009 which was the depth of the Great Recession.
Results: Heslin Holdings was able to transform the property from a rundown center with a large amount of vacancy into a brand new Build to Suit freestanding prototype Walgreens drive-thru pharmacy along with a KFC restaurant pad building that created a couple dozen new jobs for the City of Downey, CA. The property was sold with a return to the investors exceeding 90%.