The Silver Group

The Silver Group recently sold the ground lease under a single tenant Red Robin restaurant located in Rancho Mirage, CA. This property is in the Monterey Place shopping center and across from Costco, Walmart & Sam's Club. Red Robin had less than two years of remaining lease term. For estate planning purposes, ownership opted to sell and reinvest their equity into another safe, long term passive property rather than hold through the lease expiration. We originally sold this property in 2009. This sale equated to a mid 5 cap rate and sold for nearly a half million more than the original acquisition price. Barry Silver was the only broker involved in this transaction.