Investing in transitional areas
In making our decision to buy two undervalued shopping centers in Oxnard, California, we factored in several positive developments. The City of Oxnard has, in the past several years, emerged as a growing, forward thinking municipality. Consistent with this, the City is planning a large master development for a new community of 1,600 homes less than two blocks from one of our centers. Also, a spectacular new 450 boat slip marina with an additional 1,100 homes is being built directly across the street from our other Oxnard shopping center.

Partnering with cities for high returns on investment
The City of Burbank requested TIG’s assistance in the revitalization of the blighted J.J. Newberry Building. Located in the then economically depressed downtown Burbank, the building had stood vacant for over seven years and was a hindrance to the area’s renaissance. We took steps to minimize the evident downside risk by securing a long-term escrow to purchase the property and approached the City for a 10-year loan abatement subsidy. To entice the City to approve the program, TIG secured a nationally recognized retail tenant, Urban Outfitters, and offered the City a profit participation in the rents. Ultimately, the City approved our concept, and we realized approximately a 200% return on our investment in less than two years.

Establishing business improvement districts
We have a proven track record in establishing business improvement districts in coordination with local governments to meet the needs of evolving communities. TIG helped lead the renaissance of Santa Monica’s Third Street Promenade, which attracted more than $500M in private investment. As one of the most popular shopping districts in the Los Angeles region, the Promenade is hailed as directly responsible for the economic resurgence of downtown Santa Monica.

Increasing income streams
We substantially increased the income stream of the first building we purchased on Santa Monica’s Third Street Promenade by converting 12 rent controlled, second floor apartment units, to non rent controlled office suites. We also maximized the value of the property by using the parking lot to double the size of the building and then re-populating the ground floor space with complimentary retail tenants. Most recently, this building was again remodeled when we added a third story and created spaces for new tenants, H&M and Pinkberry.

Modifying city zoning to enhance value
From small variances to difficult zone challenges, TIG aggressively seeks out
and pursues permitted-use modification opportunities. Recently, TIG successfully petitioned the City of
Burbank to allow a building to be expanded without meeting the required parking standards. Another example of this was when we purchased a distressed shopping center in the city of Oxnard and obtained entitlement to modify that zoning to allow future construction of a subdivision of residential townhouses with a total of 116 units. As in these examples, through zoning changes we can increase a property’s income and overall asset value.

The Tucker Approach
Tucker Investment Group adopts a long-term vision when developing a project within a community. We start early by listening to and embracing those the project will be serving. Ultimately, we take great pride in successfully integrating the ideas of the community, city staff, planning commissioners and the city council members. An example of this is how we worked with the community of Agoura Hills to re-entitle a shopping center’s retail building.

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