PROPERTY TYPE | MULTI-TENANT SHOPPING CENTER
SIZE | 16,148 SQUARE FOOT NEIGHBORHOOD RETAIL CENTER ON 2.84 ACRES
ASSIGNMENT TYPE | PURCHASE & IMPROVEMENTS | SBA 504
THE BORROWER | CustomEyes Vision Care (“CustomEyes”) is a full-service eye clinic and optical retail store specializing in a broad optometry practice, including management of ocular diseases, IntraLASIK, routine eye exams, emergency eye care, and eyeglasses and frames. Dr. Anthony Tran, founder and optometrist at CustomEyes, is a board-certified Diplomate of the American Board of Optometry and has held numerous board committee positions. Dr. Tran has also been honored with multiple awards over the course of his 17-year career, including: “Best Optometrist” of the Best Southwest area, “Young Optometrist of the Year” by the Texas Optometric Association, and “The Spirit of Entrepreneurship” award by the University of Dallas College of Business.
THE CHALLENGE | Shortly after celebrating CustomEyes’ 10th Anniversary, it was clear to Dr. Tran that due to rapid growth they had simply run out of space to grow in their leased location. In a very short period, the CustomEyes team had grown to two doctors and eight staff members. The leasehold contained approximately 2,122 SF and had only one exam room.
THE SOLUTION | Enter Stonebriar Commercial Finance, and more specifically, its Real Estate Group (“SCF REG”). This project originated through long term business relationships with Capital CDC and JP Morgan Chase. “We were happy to provide a financing solution to Anthony, helping him move into his new facility and expand his business with the help of Capital CDC,” Travis Bell, Loan Officer of SCF REG recalled. “This project was actually submitted to SBA for approval 3 times before it was accepted, as it was a retail strip center with CustomEyes accounting for only 50% of the total available space and there being multiple additional rental tenants.”
THE RESULTS | Just 1.2 miles away from the original CustomEyes leased location, the new property is over three times larger at 7,008 SF, providing space for sustained growth. The proximity of the new location will allow CustomEyes to maintain its current clients and the space to welcome additional business. The project also included the purchase of new equipment for the business. The new office has 6 exam rooms, giving CustomEyes the ability to see six times as many patients as the original location.