In 1993, three entrepreneurs opened a small Pawn Shop on Aurora Avenue North. Their knowledge of the business was nominal but their success was stellar. The next move was to take their concept to multiple locations. We received a call on a listed property from one of the founders, Brad Shain.
The listed property did not work for the client but they targeted Renton or Federal Way for their second location. The landlord for their second location was unwilling to lease for longer than a three year term, but conceded two options of six years each. The initial space was about 2,500 square feet but at our suggestion, the tenant acquired the Right of First Refusal to lease the adjacent vacant spaces. Within six months the company had doubled their space and subsequently expanded again.
The owners found a Federal Way location and targeted Bellevue for their fourth location. Their search had been unsuccessful and they called on us. We agreed, that based upon performance, all of their future expansion would be handled by us. We represented the company in more than 20 transactions and secured funding for their initial private placement (“IPP”).
This company eventually expanded to 37 locations in two states and sold out to a national chain for $70 Million.