OREP formed a joint venture with Cadence Capital in April 2015 to acquire a 44,500 square foot bowling alley in Tustin, CA.
The Partnership’s original business plan was to acquire the property, negotiate a termination option of the existing bowling alley lease, obtain approvals, and complete renovation of the existing space for purposes of securing a national, high-credit retail tenant. During due diligence, the Partnership executed a lease with Orchard Supply Hardware and completed the negotiation of the bowling alley lease termination in exchange for an additional payment to bowling alley. The Partnership marketed the property for sale in Q1 2016.
The property was sold in June 2016.