Our Properties

Arizona

Fullerton Properties Kino Parkway Tucson Arizona

Kino Parkway

Tucson, AZ

Property Type

Commercial Development Land

Property Size

6 acres

Year Built

N/A

Acquisition Date

April 2, 2013

Disposition Date

N/A

I.R.R.

N/A


Opportunity

Fullerton acquired this unimproved parcel of vacant commercial land located on Kino Parkway in central Tucson. The Property is situated on a major commercial artery across from the entrance into a regional power center anchored by Costco and Walmart. The Property configuration provides excellent depth and expansive frontage for numerous pad users seeking to capitalize on traffic flow along Kino Parkway.

Expertise

Fullerton teamed with Retail West Properties to provide development expertise including zoning, permitting, and construction management. The Property is now fully improved with all infrastructure site improvements including grading, off-site roadway improvements, sidewalks, and utilities now complete.

Result

A recent pad sale to Culver’s provided funding for all site work. Additional retail pad sites are now available for immediate delivery.


Fullerton Properties Tucson Marketplace Shops Tucson Arizona

Tucson Marketplace – Shops A2

Tucson, AZ

Property Type

Multi-tenant Retail Pad Building

Property Size

6,618 sf

Year Built

2013

Acquisition Date

April 2, 2013 (land)

Disposition Date

N/A

I.R.R.

N/A


Opportunity

Fullerton acquired this vacant land parcel adjacent to a newly constructed McDonald’s at the entrance to a Walmart/Costco anchored regional power center in central Tucson. The multi-pad land portfolio acquisition allowed Fullerton to capitalize on unrealized shop tenant leasing demand at Tucson’s largest Walmart location. National tenants include Sprint and Sport Clips.

Expertise

Fullerton teamed with Retail West Properties to provide development expertise including design, site preparation, permitting, and construction management. Leasing efforts for the remaining space are headed by Land Advisors organization, who have procured and negotiated all leases at the shopping center.

Result

The Property will continue to benefit from future maturation of the shopping center as additional tenants seek this destination retail location.


Fullerton Properties Tucson Marketplace Shops Tucson Arizona

Tucson Marketplace – Shops B3

Tucson, AZ

Property Type

Multi-tenant Retail Pad Building

Property Size

7,142 sf

Year Built

2013

Acquisition Date

April 2, 2013 (land)

Disposition Date

N/A

I.R.R.

N/A


Opportunity

Fullerton acquired this vacant land parcel along the entrance drive to a newly constructed Walmart/Costco anchored regional power center in central Tucson. The multi-pad land portfolio acquisition allowed Fullerton to capitalize on unrealized shop tenant leasing demand at Tucson’s largest Walmart location.

Expertise

Fullerton teamed with Retail West Properties to provide development expertise including design, site preparation, permitting, and construction management. Leasing efforts for the remaining space are headed by Land Advisors organization, who have procured and negotiated all leases at the shopping center.

Result

The Property will continue to benefit from future maturation of the shopping center as additional tenants seek this destination retail location.


Fullerton Properties Tucson Marketplace Shops Tucson Arizona

Tucson Marketplace – Shops H

Tucson, AZ

Property Type

Multi-tenant Retail Pad Building

Property Size

9,175 sf

Year Built

2013

Acquisition Date

April 2, 2013 (land)

Disposition Date

N/A

I.R.R.

N/A


Opportunity

Fullerton acquired this vacant land parcel along the entrance drive to a newly constructed Walmart/Costco anchored regional power center in central Tucson. The multi-pad land portfolio acquisition allowed Fullerton to capitalize on unrealized shop tenant leasing demand at Tucson’s largest Costco location. National tenants include Mattress Firm and Great Clips.

Expertise

Fullerton teamed with Retail West Properties to provide development expertise including design, site preparation, permitting, and construction management. Leasing efforts for the remaining space are headed by Land Advisors organization, who have procured and negotiated all leases at the shopping center.

Result

The Property will continue to benefit from the continued success of Costco as additional tenants seek to capitalize on one of Tucson’s largest retail destinations.


Fullerton Properties Tucson Marketplace Shops Tucson Arizona

Tucson Marketplace – Shops F

Tucson, AZ

Property Type

Multi-tenant Retail Pad Building

Property Size

9,188 sf

Year Built

late-2015

Acquisition Date

February 19, 2015 (land)

Disposition Date

N/A

I.R.R.

N/A


Opportunity

Fullerton acquired this vacant land parcel at the entrance drive to a newly constructed Walmart/Costco anchored regional power center in central Tucson. The pad development opportunity will allow Fullerton to capitalize on shop tenant leasing demand adjacent to Tucson’s largest Costco location. National tenants include Starbucks and Verizon.

Expertise

Fullerton will team with Retail West Properties to provide development expertise including design, site preparation, permitting, and construction management. Leasing efforts for the remaining space are headed by Land Advisors Organization who have procured and negotiated all leases at the shopping center.

Result

The Property will continue to benefit from the continued success of Costco as additional tenants seek to capitalize on one of Tucson’s largest retail destinations.


Fullerton Properties Tucson Marketplace Park Avenue Pads Tucson Arizona

Tucson Marketplace – Park Avenue Pads

Tucson, AZ

Property Type

Retail Development Land

Property Size

2 acres

Year Built

N/A

Acquisition Date

August 1, 2013

Disposition Date

N/A

I.R.R.

N/A


Opportunity

Fullerton acquired this fully entitled improved land parcel located along Park Avenue at the entrance drive to a newly constructed Walmart/Costco anchored regional power center in central Tucson. The multi-pad land portfolio acquisition allows Fullerton to control the highly strategic retail development opportunities on the doorstep of Tucson’s largest Walmart location.

Expertise

Fullerton utilized its extensive knowledge of the Tucson retail market to underwrite and complete this opportunistic purchase from a developer desiring a timely transaction. Land Advisors has been retained for leasing/sale brokerage with Retail West Properties to provide development expertise.

Result

The Property will continue to benefit from the continued success of both Walmart and Costco as additional tenants seek to capitalize on one of Tucson’s most successful retail destinations.

Florida

Fullerton Properties Health Park East Bradenton Florida

Health Park East

Bradenton, FL

Property Type

Professional Office

Property Size

29,198 sf

Year Built

1994

Acquisition Date

January 6, 2016

Disposition Date

N/A

I.R.R.

N/A


Opportunity

Fullerton acquired this four building professional office complex below replacement cost from a highly motivated seller. The Property’s location, physical condition and configuration are highly competitive and it was only hindered by prior unrealistic ownership expectations. Despite trade area vacancy of 17% the Property was suffering from 74% vacancy at acquisition. With adjacent properties performing in excess of 90% occupancy Fullerton has the opportunity to immediately improve operating performance through aggressive lease negotiations.

Expertise

Red Commercial Group and Sperry Van Ness have been contracted to provide best in class professional property management and leasing expertise. Leasing efforts will focus on increasing occupancy by attracting existing professionals currently established within the market through reduced rental rates made possible by the favorable acquisition basis. A capital improvement program will address minor deferred maintenance items including landscaping, lighting, signage and interior buildout.

Result

Through its physical attributes and positioning within a strong trade area the Property will benefit from attentive ownership and professional leasing to improve occupancy and NOI.


Fullerton Properties Regatta Plaza Sarasota Florida

Regatta Plaza

Sarasota, FL

Property Type

Neighborhood Office/ Retail Center

Property Size

41,820 sf

Year Built

1986

Acquisition Date

August 27, 2014

Disposition Date

N/A

I.R.R.

N/A


Opportunity

This well-positioned neighborhood center was acquired significantly below replacement cost. Fullerton’s risk underwriting focused on the innate characteristics of the Property, which provides its competitive advantage: location, configuration, trade area competition, and market fundamentals. While the anchor tenant lease term presents some uncertainty, the below-market lease rates allow Fullerton the opportunity to retain or replace the tenant with minimal disruption to the economic fundamentals.

Expertise

Red Commercial Group and Sperry Van Ness have been contracted to provide best-in-class professional property management and leasing expertise. A significant capital improvement program will address deferred maintenance items (parking lot, lighting, mechanical and roof repairs) while fascia remodeling will improve leasing and tenant retention efforts.

Result

Through extensive capital and cosmetic improvements, the Property will regain its competitive positioning within the local market, thereby improving occupancy and NOI.


Fullerton Properties Livingston Road Bonita Springs Florida

Livingston Road

Bonita Springs, FL

Property Type

Residential Development Land

Property Size

52 acres

Year Built

N/A

Acquisition Date

September 30, 2010

Disposition Date

May 6, 2014

I.R.R.

> 40%


Opportunity

Together with the Kyle, TX property, Fullerton acquired this highly strategic land assembly from a motivated lender seeking a timely disposition of a distressed asset. Fullerton’s ability to quickly underwrite the asset and provide certainty of close allowed it to acquire one of the last remaining vacant land parcels in the highly desirable Naples market well below market value.

Expertise

Fullerton hired Hagan Engineering to initiate and oversee a complex matrix of residential entitlement and permit approvals from multiple levels of governmental agencies. Coordination of these approvals required a sophisticated level of expertise and cooperative effort with numerous stakeholders and consultants. Final site plan design was the collaborative effort between Fullerton and a regional home builder, which resulted in maximum development value for all parties.

Result

Through the cooperative entitlement and sales process with the buyer, Fullerton was able to create significant value and finalize sale of the Property. The IRR is a combined result with the disposition of the Kyle property.

Idaho

Fullerton Properties Saint Alphonsus Health System Bown Crossing Boise Idaho

Bown Crossing

Boise, ID

Property Type

Medical Office Building

Property Size

13,333 sf

Year Built

2015

Acquisition Date

October 15, 2014

Disposition Date

N/A

I.R.R.

N/A


Opportunity

Fullerton acquired a 1.3 acre land parcel for the development of a single tenant medical care building for Saint Alphonsus Health System. The state-of-the-art facility will offer primary care, urgent care, physical therapy and various specialty services.

Expertise

Fullerton teamed with Retail West Properties to perform land acquisition, entitlement, permitting and construction. Retail West Properties worked closely with the tenant by providing concept, use and design consulting services in creating this prototype. Fullerton’s financial leadership will allow the partnership between Saint Alphonsus and Retail West to flourish resulting in future developments.

Result

The multi-disciplined medical use, long-term lease, and strong tenant quality will generate sustainable returns for many years.


Fullerton Properties Saint Alphonsus Health System Karcher Clinic Nampa Idaho

Karcher Clinic

Nampa, ID

Property Type

Medical Office Building

Property Size

8,000 sf

Year Built

2015

Acquisition Date

February 4, 2015

Disposition Date

N/A

I.R.R.

N/A


Opportunity

Fullerton acquired a 2.5 acre land parcel in suburban Boise, ID for the development of a single tenant medical care building for Saint Alphonsus Health System. The state-of-the-art facility will be situated on 1.1 acres and will offer primary care, urgent care, physical therapy and various specialty services. The surplus 1.4 acres will be retained for future development.

Expertise

Fullerton teamed with Retail West Properties to perform land acquisition, entitlement, permitting and construction. Retail West Properties worked closely with the tenant by providing concept, use and design consulting services in creating this prototype. Fullerton’s financial leadership will allow the partnership between Saint Alphonsus and Retail West to flourish resulting in future developments.

Result

The multi-disciplined medical use, long-term lease, and strong tenant quality will generate sustainable returns for many years.


Fullerton Properties Saint Alphonsus Health System Star Health Clinic Idaho

Star Health Clinic

Star, ID

Property Type

Medical Office Building

Property Size

5,200 sf

Year Built

2016

Acquisition Date

September 10, 2015 (land)

Disposition Date

N/A

I.R.R.

N/A


Opportunity

Fullerton acquired this 2.7 acre land parcel in downtown Star, ID (suburban Boise) for the development of a single tenant medical care building for Saint Alphonsus Health System. The state-of-the-art facility with 2,350 sf of expansion area will be situated on 1 acre and will offer primary care, urgent care, pediatric care and various specialty services. The surplus 1.7 acres will be retained for future development.

Expertise

Fullerton teamed with Retail West Properties to perform land acquisition, entitlement, permitting and construction. Retail West Properties worked closely with the tenant by providing concept, use and design consulting services in creating this prototype. As the third design-build project development between Saint Alphonsus and Retail West, Fullerton’s financial leadership will continue to allow this partnership to flourish with future developments.

Result

The multi-disciplined medical use, long-term lease, and strong tenant quality will generate sustainable returns for many years.

Illinois

Fullerton Properties KVR Square Aurora Illinois

KVR Square

Aurora, IL

Property Type

Retail/Professional Lifestyle Center

Property Size

44,300 sf

Year Built

2008

Acquisition Date

April 21, 2014

Disposition Date

N/A

I.R.R.

N/A


Opportunity

This luxury neighborhood center was acquired significantly below replacement cost. Although well maintained, the Property suffered from unrealistic leasing expectations. The favorable acquisition basis will allow Fullerton to reintroduce the center to the marketplace. The Property’s location directly across from the dominant regional mall provides identity and traffic flow highly desired by destination retailers and professional users.

Expertise

NAI Hiffman and Sperry Van Ness have been contracted to provide best in class professional property management and leasing expertise. Leasing efforts will focus on establishing a tenant mix complementary to the higher-end positioning and quality of the center. Expanding the parking area and improving the tenancy will provide long-term value enhancement.

Result

Through an aggressive leasing program, the Property will capitalize on its location within the regional retail node to become a premier destination for retail and professional users seeking more affluent clientele. The location, construction quality and curb appeal will ensure tenant retention and sustainable economic fundamentals.

Texas

Fullerton Properties Hwy 210 I-35 Kyle Austin Texas

Hwy 210 & I-35

Kyle (Austin), TX

Property Type

Commercial Development Land

Property Size

103 acres

Year Built

N/A

Acquisition Date

September 30, 2010

Disposition Date

October 22, 2010

I.R.R.

> 40%


Opportunity

Together with the Livingston Road property in Bonita Springs, FL, Fullerton acquired this well-positioned vacant land parcel from a motivated lender seeking a timely disposition of a distressed asset. Fullerton’s ability to quickly underwrite the asset and provide certainty of close allowed it to acquire one of the last remaining highway exit parcels along the strategic I-35 corridor south of Austin, TX well below market value.

Expertise

Through its extensive professional network and prior investment history in the Austin MSA, Fullerton was able to quickly assess the opportunity and close on the acquisition within two weeks. Fullerton performed a complete underwriting including market valuation, legal and zoning due diligence, and environmental review immediately upon receipt.

Result

Site Solutions Inc. of Austin identified a qualified buyer who closed on Fullerton’s sale of the Property within 20 days of acquisition, thereby realizing a significant profit and allowing Fullerton to recapture the majority of the equity required for the two property acquisition. The IRR is a combined result with the disposition of the Bonita Springs property.


Fullerton Properties Hwy 59 and Grand Parkway Sugar Land Houston Texas

Hwy 59 & Grand Parkway

Sugar Land (Houston), TX

Property Type

First Lien Mortgage

Property Size

48 acres

Year Built

N/A

Acquisition Date

May 17, 2012

Disposition Date

March 8, 2013

I.R.R.

8.5%


Opportunity

Refinancing of a maturing first mortgage on a 48 acre vacant land parcel at the intersection of two primary highways in southwest Houston. An extremely difficult land financing market with a maturing mortgage created an opportunity for Fullerton to replace the existing mortgage with short-term first lien debt producing a favorable risk-adjusted yield.

Expertise

Through its extensive investment knowledge of the Houston MSA, Fullerton was able to underwrite the real estate collateral and provide a lending commitment in a dramatically compressed timeframe. Fullerton’s ability to focus on the primary repayment source – the quality of the underlying real estate – allowed it to provide financing during tumultuous market conditions.

Result

An improving Houston real estate market and the strength of the Property resulted in a shorter investment period as Fullerton received full repayment upon sale of the Property to a local real estate developer.

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