The Deal Story - Firestone (Odessa, TX)

In April of 2021, I had the pleasure of acquiring the Firestone Complete Auto Care property in Odessa, TX.

The property possessed many of the major characteristics we look for in our acquisitions. The site is positioned on an oversized 1.84-acre lot that is situated on a highway that sees nearly twenty thousand vehicles per day. In addition, the asset shares the corridor with other national tenants and is in an income tax-free state, Texas. The strong intrinsic real estate allows us to redevelop or reposition the site in the future if necessary.

The seller and I had been in touch for multiple years prior to the closing. He and his siblings had owned the property for decades and considered selling for simplification within their partnership. Having an ongoing dialogue with Phil allowed me to understand his family partnership’s investment goals and parameters for the transaction. This rapport enabled a transparent and productive deal process essential to closing successfully and smoothly.

The deal cycle ran an imperfect course—during our due diligence period, an employee of the tenant came down with COVID-19, ultimately closing the store. Our environmental study, property condition report, and survey tours had to be moved multiple times. The resilience of our team and our constant communication guaranteed our due diligence was still completed punctually.

Throughout the pandemic, I professionally managed all elements of this out-of-state transaction despite roadblocks. I completed in-depth analysis and meticulous underwriting which ultimately led to our competitive pricing. Being available to our client and team 24/7 also provided quick and reliable feedback with any issue that arose.

The successful transaction of Firestone in Odessa, TX provided the seller and his siblings an outlet for their liquidation strategy and allowed me the opportunity to acquire a blue-chip property with strategic upside.