Pullman Building
330 7th St. Glenwood Springs, CO

In July 2010, this brick art-deco retail building was purchased in an all cash transaction for $655,000. An immediate total interior renovation was commenced, which included stripping the space down to the studs, removing the uneven concrete floor and exposing the original brick walls. The building infrastructure was outfitted with new water lines, a proper grease trap, and a state of the art commercial kitchen. In lieu of a traditional "Tenant Improvement" contribution, we provided the Tenant, world class chef Mark Fischer, an equity interest in the building. This arrangement solidified the Tenant / Landlord partnership, with both parties committed to the project long term. The Pullman restaurant opened to critical acclaim in January, 2011, and in November 2011 was named one of the 20 best restaurants in the United States by Esquire Magazine.

At stabilization, the investment yielded a 12% annual cash on cash return, and 49% equity appreciation over the first 18 months since acquisition. This project was purchased for annual cash flow performance and is currently a long term hold.