Las Palmas Shopping Center – Brownsville, TX
2014 – Las Palmas Retail Development is a 10-acre, high traffic development. Purchased as a full-service, functioning Holiday Inn/Convention Center/Restaurant and demolished. Converted into 6 commercial lots. 4 full-service restaurant pads, 2 multi-tenant lots. Currently a ground lease Olive Garden, Longhorn Steakhouse and one multi-tenant building with medical and retail users. Total Investment $2.7MM, valued at $18.5MM by lender. 1.5-acre, Olive Garden ground lease valued at $4.2MM in 2017.
McColl Commons Retail Center – Edinburg, TX
Spring 2018 – McColl Commons Retail is a master-planned 22-acre development. A 20,000 SF retail center is built and leased within a year of completion, McAllister’s Deli is the lead anchor tenant and falls into place with the various multi-family phase of development which will start in 2019. Total investment to date: $3.0MM valued at $9.5MM (fully leased building plus the remaining pads/lots). This is an on-going development and good example of the work RubiGroup Capital has been doing for over 20 years.
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