With over $37,000,000 in commercial real estate purchased in the last year the 5 property TRU Portfolio is a nice addition to the growing commercial real estate portfolio of Alamo Group & tech entrepreneur and real estate investor Richart Ruddie. The group specializes in purchasing Value Add Opportunities in the commercial space throughout the country.
With the property sale completed in November 2021, The TRU portfolio consisted of 5 former Toys R’ Us locations, which was bought with 90,000 square feet of commercial space to fill with the rest of the tenants in place that include national names such as Planet Fitness which was founded in 1992 in New Hampshire and has 2,039 locations and over $400 million in revenue. Other top tenants in the portfolio include Harbor Freight Tools which was founded in Calabasas, California in 1972 and employs 10,363 at 1,076 locations and had $2.44 billion in revenue last year.
Other notable tenants included Dollar Tree, Taco Bell and McDonalds pads as well as an international trampoline park operator Flying Squirrel & Hobby Lobby. The portfolio covers the west coast from Victorville, California to all the way up to Everett, Washington outside of Seattle with additional properties located in Olympia, Silverdale, & Kennewick.
With the properties all located in high growth areas the value-add opportunity was highlighted by 5 former locations of a Toys R’ Us which recently went out of business. This is related to properties purchased outside of Seattle where former Albertsons and Safeway anchored shopping centers were purchased by the real estate investment group and re-tenanted to add value and increase the overall value of that Pacific Northwest portfolio.
With additional national tenants pursuing the space Alamo Group is already receiving numerous offers as the economy looks to roar back post covid. The Victorville property enjoys high visibility from I-15 and 202’ of frontage on Amargosa Road which both have high traffic counts. Strong demographics include a daytime population of 87,415 residents within 3 miles. National retailers surround this property, including big box co-tenancy.
After passing due diligence and environmental review, the portfolio was cleared for closing.
About Alamo Group
Alamo Group is owned by real estate investor Don Gaube who is active in negotiating purchase agreements, working with lenders, and securing financing. Alamo Group is actively pursuing new properties and investments throughout the country.
About Richart Ruddie
Real estate investor and tech entrepreneur Richart Ruddie develops properties in South Florida and invests in commercial real estate transactions that have value added potential. He is an avid art collector, co-founder of Protos Eyewear, an effective altruist, early cryptocurrency adopter, and owns properties in Florida, Southern California, Northern California, and Washington State.