BROKERS GUIDE SELLER SUCCESS THROUGH DIFFICULT TRANSACTION SETTING TOP OF MARKET RECORD SALES PRICE
CHALLENGE:
An entrepreneur owned and operated a business in a free-standing loft office/retail user owned building in Atlanta. Changing times saw a once successful business close and the subsequent failure of a new replacement tenant. Ownership sought the advice of JGRE to understand the potential sale value of an empty building and future leasing potential. JGRE accepted the listing to market and sell the property with ownership’s high expectations on pricing.
ACTIONS:
JGRE assembled a team with Ben Pargman bringing his investment sales experience and Dave Smith bringing his extensive owner/user and sub-market specific experience. The team marketed the property and identified a user purchaser with a keen affection for the building.
MARKET RECORD: $350/SF
*CoStar (5 years, 2 miles, owner/user)
RESULT:
The sales side team held the line on seller’s high expectations and successfully negotiated over three rounds to arrive at a sales price acceptable to seller of $350/SF setting a new high-water mark comparable for the sub-market.
“Successful real estate transactions stand on three equally important legs: money, place, and people . . . the dollars have to work, the real estate has to work, and the people have to work – problems with any one of those legs can cause the entire deal to crater. On this deal, our partnership approach supported all three legs and delivered a great success for our client.”
– Ben Pargman
