Off Road Fit
The complexities presented by the legal, political and financial relationships between the various parties and leasehold interests created an unusual / complicated waterfall and capital stack. It is Off Road’s belief that the real estate lease complexity and lack of ownership of physical assets make this a non-traditional investment that others might eschew. Furthermore, such complexity may limit the number of ultimate buyers of this business and may result in Off Road owning Pacific Park for 10-plus years. Off Road is comfortable with Pacific Park’s illiquidity and believes that long-term ownership will benefit investors and local stakeholders.