08/10/2026
There are deals... and then there are deals that test every ounce of patience, persistence, and problem-solving you have.
Our acquisition of the former Red Lobster property in Port Richey, Florida falls firmly into the second category.
From the day we put the property under contract on December 4, 2024, to closing on August 13, 2026, this transaction took more than 20 months to reach the finish line.
Like many redevelopment projects, the path was anything but straightforward. Between due diligence, permitting, inspections, negotiations, and coordinating countless parties, there were plenty of moments where this deal could have gone sideways. Instead, everyone stayed focused on finding solutions and moving the project forward.
Now, this long-vacant property will be transformed into a new home for a nationally recognized quick-service concept, creating new investment, jobs, and activity for the Port Richey community.
The best deals are never accomplished by one person - they're the result of great teams working toward the same goal.
A sincere thank you to Jake Lurie and Andrew Doerr of Matthews Real Estate Investment Services for representing the seller throughout this process. Despite the many twists and turns over the past 20 months, they remained responsive, collaborative, and committed to getting this transaction across the finish line.
Thank you as well to Brian Bern of Franklin Street for representing the incoming tenant and helping coordinate the many moving pieces required to bring this redevelopment to life.
And a special thank you to Nick Barbato for his development insight, leasing expertise, and guidance throughout the process.
And finally... a special shoutout to Achilleas, who somehow turned a tiny sliver of land purchased through a tax deed into about a 8x return. We'll try not to think about it too much.
After more than 20 months, it's incredibly rewarding to see this vision become reality.
Congratulations to everyone involved. Looking forward to seeing this project take shape.
