Subway franchisee builds an equity empire
Signs have been cropping up of late announcing shopping developments from European Equities.
It’s not the invasion of the strong euro buying up undervalued American real estate. It’s the outgrowth of a Subway franchisee’s quest to build a fully vertical enterprise.
David McComas is the man behind European Equities, which has done $148-million in area developments in seven years. He also owns 23 Subway franchises on his way to 50. He builds equity for his mostly non-European partners through finding land, constructing buildings and leasing their space, including to his own Subway stores.
“I’m not a developer who depends on deals to support the organization,” said McComas, 39, who lives and works on a $50,000-per-Subway-per-year income. “You think more clearly when the only goal is to build equity.”
European Equities has about 30 projects under way or recently completed in the Tampa Bay area, Miami and Georgia. Of those, a third include one of his Subway stores, but the work involves many retail uses and tenants. READ ON
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