Crimson is pleased to announce the sale of the single tenant CNG/Pro’s Ranch Market in El Paso, Texas. Crimson acquired this property on November 1, 2012 after identifying the Hispanic grocer as a perfect complement for this specific shopping center and the greater El Paso retail market. During our holding period, Pro’s Ranch Market survived bankruptcy without any interruption in rental income or a modification of lease terms, and two California-based Hispanic grocers (Cardenas Markets and Northgate Gonzalez Markets “CNG”) formed a joint venture to purchase all of the assets of Pro’s Ranch Market.
On August 28, 2014, Crimson sold the property to a California-based retail investor familiar with CNG, thus completely preserving the Partnership’s invested equity. In addition to the sale proceeds, we distributed uninterrupted monthly cash flow over our twenty-two months of ownership, yielding a 7.96% IRR. The most critical underwriting criteria for this property was selecting a location which has inherent underlying value, enabling it to withstand corporate tenant issues.
Crimson Capital prides itself on making risk guarded decisions. We manage risk as diligently as we seek reward, and 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.