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OBJECTIVETaco Cabana, a San Antonio, Texas, based business needed to sell six of its fast-food stores following the decision to close its Colorado operation. In order to recapture their initial investment and release them of their liability in relation to the ground leases at each location, the broker determined it would be best to find one buyer for all six properties. The object was to identify a buyer who had the capability and resources to convert the properties to another fast-food use as well as assume the ground leases. | ||
RESULTSRoss' broker presented the package to the Bailey Company, the nation's fourth largest Arby's franchisee. The Bailey Company initially agreed to the purchase of four of the properties, however, the seller required they purchase the entire package and sell the excess properties. Bailey agreed and Ross helped them find a buyer for the fifth location who converted the site to a Japanese fast-food operation. Ross also assisted in finding a buyer for the sixth site who combined the site with another to build a large drug store. The properties sold for $250,000 each and the entire project was accomplished within a year's time. |




