Crimson Capital is pleased to announce the sale of the single tenant Ross Dress For Less in El Paso, Texas. Prior to Ross’s contractual Lease Expiration, Crimson Capital successfully negotiated an early renewal extending the Lease Term. At that time, we funded capital improvements to the Property, which included a new 36,000 square foot roof. We believed that the combination of the newly extended Lease Term, strong store sales, and strategic capital improvements made this the most opportune moment to maximize the Partnership’s net asset value.
On August 1, 2014, the asset was sold to a California-based retail investor completing a 1031 exchange. Crimson Capital worked closely with the Broker, Buyer, Buyer’s Investment Advisor, and our Lender to complete the sale in under three months. This asset has been a consistent income producing asset that has outperformed our initial underwriting. Over the life of the investment, investors received a total return of 159%, yielding a 9.89% IRR for the seventy months of ownership.
We are proud to have completed this sale on behalf of our investors. For more information, feel free to contact us at the numbers listed below.