SAR Enterprises History

S.A.R. Enterprises was established in 1974 in Glendale, California for the primary purpose of managing a small privately held portfolio of residential and commercial properties owned by Sam and Frances Ridino. In 1979, the Ridinos’ moved to Santa Cruz, California but maintained ownership of their Southern California properties. Their son, Robert, became general manager in 1983 and currently directs all day-to-day business management. Offices are maintained at 457 Pebble Beach Drive, Aptos, California (Santa Cruz County).

1972-1982
During this period, Sam A. Ridino and his son, Robert acquired several unimproved residential lots in the Glendale-Burbank area of Los Angeles County. They built six “spec” houses and a 5-unit condominium project. All projects were financially profitable. Additionally, during this period, they acquired and self managed several residential income properties comprising a total approximate value of $3,000,000. In 1978, the Ridinos’ purchased Lexington Arms, a 3 story mixed use property on North Brand Boulevard, in Glendale California. In 1981, they negotiated and sold the property to Cabot, Cabot, and Forbes of Boston, Massachusetts for $1,200,000. As a condition of the sale and in cooperation with the Glendale Redevelopment Agency, they handled all aspects of an agency requirement to relocate 40 residential and commercial tenants who occupied the building. The building was then raised and replaced with a 500,000 square foot high-rise office complex.
1983-1988
The Marengo Building	Sonora, CA
Purchased a vacant 10,000 square foot vacant J.C. Penny building in Downtown Sonora. Completed a $150,000 renovation, split into 4 separate spaces. Acquired new tenants, including Fidelity Title Insurance Company, within 90 days of completion. Negotiated all leases and managed property for 2 years until sold in 1985 at a substantial profit.
6000 Soquel Avenue	Santa Cruz, CA
Purchased existing commercial building that had a local zoning violation. Corrected the violation, renovated, drafted new tenant leases (4) and self-managed. Sold property in 1986 for net profit yielding a 70% return on equity.
Suburu of Billings	Billings, MT
Created a Limited Partnership with the existing business owner and property tenant to acquire the real estate, leased to Subaru of America. Held the property and self-managed for 3 years, during which time the investment generated a return of approximately 10% per annum to the partners. Sold the property at an additional net profit in 1986, yielding a substantial capital gain to the limited partners.
Sutter Village Center	Sutter Creek, CA
Purchase and self-managed 20,000 square foot strip center anchored by a Sears franchise. Coordinated and built a 2000 square foot addition. Handled all leasing and subdivision to 4 parcels. Handled 1031 tax-deferred exchange into Brand-Maryland Building in 1992, which lead to a substantial profit to the partnership (see below).
Howard Manor	Hollister, CA
Purchased 41-unit apartment complex for $1,250,000. HUD Section 226-d project. Self-managed and trained on-site resident managers. Refinanced property in 1991, generating $630,000 in capital used for a portion of the acquisition of Meadows Manor in 1991. Sold the property in 1992 for $1,850,000.
642 Cliff Drive	Rio Del Mar, CA
Owner design and built an 1850 square foot single-family residence. Sold in 1988 for $60,000 net profit.
1031 Pinehurst Drive	Rio Del Mar, CA
Purchased “fixer-upper”. Coordinated major house renovation. Resold finished home within 90 days of completion for net profit of $24,000.
Mission Gardens	Santa Cruz, CA
Created a Limited Partnership and handled all aspects of the acquisition of a 50 unit CHFA (California Housing Finance Agency) apartment complex. Resold the property within 6 months of acquisition, which yielded a 200% return on investment to the partnership. Handled interim management during the holding period.
Bryce Court	Rio Del Mar, CA
Purchased existing home on one acre in Rio del Mar. Processed subdivision into 5 lots and resold at approved tentative map stage for a substantial profit to the partnership.
1989-1994
411 Seaview Drive	Rio Del Mar, CA
Purchased unimproved residential lot. Coordinated the design of a 3,800 square foot single family residence. Processed the building permit and resold the project within 12 months for $40,000 net profit.
446 Sumner Drive	Rio Del Mar, CA
Purchased unimproved residential lot. Designed new 1900 square foot home. Processed building permit and resold project with 9 months for $35,000 net profit.
Brand/Maryland Property	Glendale, CA
Negotiated the acquisition, via 1031 tax deferred exchange, in 1992 for $1,280,000 (see Sutter Creek Village above). Owned 20% interest. Self-managed the six tenant commercial property, anchored by Kinko’s, with long-term net leases. Sold property in 1997 for $1,850,000, generating approximately $500,000 net profit to the partnership, 80% of which was distributed to the limited partner, resulting in a return on equity exceeding 200%.
Meadows Manor Mobile Home Park	Watsonville, CA
Handled all aspects of the acquisition of 240-space 4-star mobile home park on 30 acres in the City of Watsonville. Coordinated the sale and refinance of various assets to raise $1,350,000 million in acquisition capital. Self managed all aspects of the investment from 1991 through 1998. Generated approximate 14% annual rate on return on investment capital during the hold period.
1414 Soquel Avenue	Santa Cruz, CA
Established BAYSTAR Investment Group to purchase 25,000 square foot professional office center anchored by The Bank of America. Purchased in 1991 for $3,125,000. Handled all aspects of anchor tenant turnover in 1998, including the build-out of $120,000 in new interior tenant improvements. Sold the property in October 1999, which realized an annualized rate of return in excess of 14%.
Lake Mendocino Mobile Home Estates	Ukiah, CA
Created Lake Mendocino Mobile Home Estates, LLC to purchase an existing 99-space senior mobile home community located on 20 acres in Ukiah, California. Negotiated all aspects of the purchase, including a 70-year ground lease. Negotiated terms of long-term resident leases. Currently own 42% interest and self-manage the investment through direct supervision of on-site management team.
The Gottschalks Building	Capitola, CA
Handled all aspects, without broker participation, of the purchase and leaseback of the 115,000 square foot Gottschalks Department Store located in a regional mall in Capitola, California. Purchase price was $11,800.000. Buyer and current owner is Baskin Properties, LLC of Santa Cruz, California.
4450 Capitola Road	Capitola, CA
Purchased and resold within 90 days of acquisition 14,000 square foot office complex for $2,400,000. Completed a $135,000 building upgrade upon acquisition. Generated a 60% annualized rate of return on investment capital to the partnership.
1995-1997
2110 41st Avenue (Master Car Wash)	Capitola, CA
Created a Limited Liability Company to acquire the property in 1995 for $1,450,000. Self-managed the property that generated an annual cash flow of 11% on the capital investment. Sold the property in 1998 for $1,825,000, generating a capital gain in excess of $325,000.
The Kaneohe Atrium	Kaneohe, HI
Handled all aspects of the acquisition, renovation, leasing, management and eventual sale of a 25,000 square foot 3-story office complex for the Baskin/Solari Group. Obtained buyer and sold the property in 1997, without broker participation, for $1,400,000, generating a $200,000 net profit to the partners.
S/R Developement, LLC
Established a separate development entity in 1996. Built two single-family residences (Windward Court and Fiesta Drive). Sold both within 30 days of completion for approximate net profit to the partnership of $25,000 each home.
Carpenteria Road	Aromas, CA
Handled all aspects of the completion of a 4-lot residential subdivision, including the installation of new underground utilities and private water system. Constructed a 2500 square foot “spec house” on one of the parcels. Sold at $18,000 profit within 60 days of completion. Sold additional 3 lots within 90 days.
23 Bay Laurel Court	Scotts Valley, CA
Purchased unimproved residential lot. Constructed new 2400 square foot custom home. Sold at $36,000 net profit within 90 days of completion.
60 Verdoso Drive	La Selva Beach, CA
Purchased unimproved residential lot. Constructed new 1960 square foot custom home. Sold at $35,000 net profit within 10 days of completion.
Meadows Manor Development	Watsonville, CA
Installed and sold 7 new manufactured homes in Meadows Manor Mobile Home Park at an approximate net profit of $15,000 per installation. During the period in which Meadows Manor was owned and managed, also purchased, rented, and self-managed 25 park-owned mobile homes.
Gottschalks Department Store (Auburn Town Square)	Auburn, CA
Handled the acquisition of 40,000 square foot commercial department store building in Auburn, California, leased to Gottschalks Department Stores. Currently self-manage and own 50% interest with Jack Baskin of Santa Cruz, California.
1998-2002
337 Green Valley Road	Watsonville, CA
Purchased unimproved lot, designed new 1700 square foot single-family residence, processed planning and building permit through Santa Cruz County Planning and Building Departments. Sold project in 1998 for $25,000 net profit.
90 Rancho Road	Watsonville, CA
Purchased unimproved 3-acre parcel, designed new 2350 square foot single-family residence, processed planning and building permit through Santa Cruz County Planning and Building Departments and California Coastal Commission. Sold project in 1998 for $40,000 net profit.
Cornerstone Shopping Center	Cerritos, CA
For Jack Baskin (Santa Cruz, CA), handled the negotiation and acquisition of 42,000 square foot retail shopping center in Cerritos, California, anchored by Borders Books and Hollywood Video. Transaction was completed via a 1031 tax deferred exchange coordinated by S.A.R. Enterprises. Presently handle all aspects of the investment including recent refinance and full property management.
Independence Park Shopping Center	Cranston, RI
For Jack Baskin, Richard C. Solari, Ann Ferrante, Virginia Mazry, and Sam & Frances Ridino, handled the negotiation, acquisition, and financing assumption of a 197,000 square foot, $20,000,000 retail shopping center in Cranston, Rhode Island. All aspects of the transaction were conducted without broker participation. The anchor tenant of the center is Wal-Mart Stores, Inc. Handled all aspects of the investment, including full property management. Property sold in 2005.
Silver Creek Mobile Home Park	Highland, CA
Acquired, via a tax deferred IRC 1031 exchange, a 65-space senior mobile home community located on 8 acres in Highland, California (San Bernardino County). Resold the property within 18 months of acquisition for a substantial profit.
1602 Ocean Street	Santa Cruz, CA
Acquired vacant 5000 square foot commercial building at corner of Ocean Street and Highways 1 & 17 in City of Santa Cruz. Completed a major renovation of the building and signed long-term lease (10 years) with Bailey Properties, Inc. to establish a Santa Cruz branch of their highly successful business located in Aptos, California. Sold the property to Robert & Paul Bailey in February 2001, after an 18 month holding period, resulting in an 18% return on equity to the partnership.
6797 Soquel Avenue "The Haas Property"	Aptos, CA
In June of 1998, acquired a 5.5-acre parcel of land adjacent to Cabrillo College, which included an existing older ranch home. Processed an application to effect a rezoning and major subdivision into 11 lots with the existing home to remain. Concurrently, completed the major renovation of the existing home, which had a completed value of approximately $1,500,000. Received unanimous approval of the project, known as Mar Sereno Village Estates, by the Santa Cruz County Planning Commission in November, 2001. The project was transferred to Mar Sereno Estates, LLC in 2001 at a value of $2,940,000, returning the original investors an annualized rate of return exceeding 25%. Handled the completion of the major subdivision tentative map, through formal approval, in February, 2002.
Super K-Mart	Bishop, CA
Established a Joint Tenancy Agreement to acquire a new 117,000 square foot commercial building in Bishop, California. The single tenant building is leased to K-Mart Corporation on a 25 year nnn lease. Coordinated all aspects of the acquisition which involved execution of a 3-party Option to Purchase and finalization of a pending parcel map. Coordinated the property acquisition via an IRC 1031 tax deferred exchange for two of the three acquiring entities.Owners: S/R Development, LLC (45% interest), Jack Baskin Trust (40% interest), Solari Family Trust (15% interest). Property is self-managed by SAR Enterprises.
Wal-Mart Supercenter	Villa Rica, GA
Established a Limited Liability Company to acquire a two-year old 158,000 square foot commercial building in Villa Rica, Georgia. The single tenant building is leased to Wal-Mart Stores, Inc. on a 20 year triple-net lease. Coordinated all aspects of the purchase negotiation and the property acquisition. Owners: SB Villa Rica Associates, LLC. Property is self-managed by SAR Enterprises.
Green Valley Technical Plaza	Fairfield, CA
Established a Limited Liability Company to acquire a new 108,200 square foot office building in Fairfield, California. The building is 100% leased to the State of California Workers Compensation Insurance Fund on a 10 year full service lease. Coordinated all aspects of the purchase negotiation and property acquisition. Owners: Fairfield Property Group, LLC. Property is self managed by S.A.R. Enterprises
Best Buy	Fort Worth, TX
Established a Limited Liability Company to acquire a two-year old 45,400 square foot retail building in Fort Worth, Texas. The building is a portion of a 600,000 square foot shopping center and is leased to Best Buy Stores, Inc. on a 20 year triple-net lease. Coordinated all aspects of the purchase negotiation and property acquisition. Owners: Fort Worth Property Group, LLC. Property is self-managed by S.A.R. Enterprises.
2003 - 2004
Ross Dress 4 Less	Watsonville, CA
Negotiated the acquisition of a two acre portion of the Outlook Shopping Center, anchored by Albertsons and Target in Watsonville, California. The parcel was purchased from Longs Drug Stores, Inc. and was built out as a new 30,000 square foot building which is subject to a new ten year lease to Ross Dress 4 Less Stores. The completed project is valued at $5,500,000. Owner: Baskin Watsonville Venture, LLC
The Home Depot	Salem, OR
Established Baskin Salem Venture, LLC, to acquire a 112,000 square foot freestanding building in Salem, Oregon. The single tenant building is leased to The Home Depot on a long term lease. S.A.R. Enterprises negotiated and coordinated all aspects of the $12,000,000 purchase. Owners: Baskin Salem Venture, LLC. Property is self-managed by S.A.R. Enterprises
Wal-Mart Supercenter	Austell, GA
Negotiated, without broker participation, all aspects of the acquisition of a 205,000 square foot Wal-Mart Supercenter. The building is subject to a 20 year NNN lease to Wal-Mart Stores, Inc. Property is self-managed by S.A.R. Enterprises.
Wal-Mart Supercenter	Douglasville, GA
Negotiated, without broker participation, all aspects of the acquisition of a 222,500 square foot Wal-Mart Supercenter. The building is subject to a 20 year NNN lease to Wal-Mart Stores, Inc. Property is self-managed by S.A.R. Enterprises.
1001 Soquel Drive	Santa Cruz, CA
Purchased an existing 5000 square foot vacant commercial building and adjacent vacant lots. Planned and coordinated the major renovation of the structure, including new mechanical, electrical, and plumbing systems. Sold the building to Warehouse Direct Interiors in 2002.
Sams Club	Douglasville, GA
Negotiated, without broker participation, all aspects of the acquisition of a 130,000 square foot Sam’s Club. The building is subject to a 20 year NNN lease to Sam’s Club Realty Management, Inc. Property is self-managed by S.A.R. Enterprises.
2005-2006
RBC Centura Bank	Buford, GA
Negotiated the acquisition of a newly built free-standing building leased on a long-term triple-net basis to RBC Centura Bank. The property is located near the intersection of Hamilton Mill Road and Interstate 85 in Buford, Georgia (Gwinnett County). The purchaser was Richard C. Solari of Aptos, California, who acquired the property via an IRC 1031 tax deferred exchange. SAR handled all aspects of the exchange and acquisition, including acquisition of new long term mortgage debt. The property is valued at $3,500,000. Owner: Solari Family Trust
Southbridge Parkway	Alpharetta, GA
Negotiated the acquisition of two condominium office buildings (total of 8400 square feet) leased to Off Broadway Shoes. The property serves as the company’s national headquarters and is located near the intersection of Southbridge Parkway and Old Milton Parkway in the affluent community of Alpharetta, Georgia. The purchaser was the Friesell Family Trust of Colfax, California, who acquired the property via an IRC 1031 tax deferred exchange. SAR handled all aspects of the transaction, including acquisition of new long term mortgage debt. The property is valued at $2,000,000. Owner: Friesell Family Trust
CareNow	Fort Worth, TX
Negotiated the acquisition of a free-standing 5,700 square foot building leased on a long-term triple-net basis to Primary Health, Inc (dba Carenow), which is based in the Dallas/Fort Worth area. The property is located at 1661 Eastchase Parkway in the Arlington area of Fort Worth, Texas. SAR established Fort Worth Eastchase Associates, LLC to acquire the investment. SAR handled all aspects of the acquisition, including creation of the limited liability company and acquisition of new long term mortgage debt. The property is valued at $3,000,000. Owner: Fort Worth Eastchase Associates, LLC.
Wal-Mart Supercenter	Dahlonega, GA
Negotiated all aspects of the acquisition of a 144,000 square foot Wal-Mart Supercenter. The building is subject to a long-term triple-net lease with Wal-Mart Stores, Inc. SAR handled all aspects of the acquisition, including creation of the limited liability company and acquisition of new long term mortgage debt. The property is valued at $15,000,000. Owner: Dahlonega Group, LLC.
Goldmine Village	Dahlonega, GA
Purchased existing 27,000 square feet of retail space which is shadow anchored by a Wal-Mart Supercenter (see Dahlonega Wal-Mart above). SAR handled all aspects of the acquisition, including creation of the limited liability company and TIC format, which holds the property. Handled all aspects of a loan defeasance process on the existing debt and the acquisition of new favorable financing. The property is valued at $4,000,000. Owner: Goldmine Village, TIC
Sams Club	Timonium, MD
Negotiated all aspects of the acquisition of a 131,000 square foot Sam’s Club located at 15 Texas Station Court in Timonium, Maryland. The property is subject to a long-term triple-net lease with Sam’s Club Realty Management, Inc. The building is a co-anchor tenant, along with Lowe’s Home Improvement Center, of Texas Station Shopping Center. The property is valued at $24,000,000. Owners: M&L Timonium, LLC / Timonium Group, LLC.
Pending Development Projects
Bowker Road Subdivision	Freedom, CA
Purchased 3 contiguous residential parcels, each with an existing home. Pending application with the County of Santa Cruz to create a major subdivision of 12 lots with the existing homes to remain. Approximate value of the completed project is $4,000,000. Manage four interim tenants on the property.
Montero Court	Aptos, CA
Developed plans and Permitted to build four unit residential complex. Sold in 2004.
Vineyard Court	Seascape, CA
Developed plans to build two single-family residences (townhome style). Sold in 2004.
502 Trout Gulch Road	Aptos, CA
Developing plans to build four unit residential complex. To be leased and retained.

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