BROKER COORDINATES CROSS-COUNTRY SALE OF CENTER WITH QUICK TURNAROUND
BACKGROUND:
An entrepreneurial private owner wanted to exit from a retail shopping center he purchased largely vacant out of the financial crisis from a bank. The owner had successfully leased the center up to 80% occupancy and was ready to sell. He lives in California and was managing the property and doing all leasing remotely. Concerned about privacy, his preference was to not advertise the property for sale through a public listing that would expose his holdings to the internet. He called on Ben Pargman to sell the property “off-market” without any public marketing. Ben identified a select list of qualified potential purchasers and obtained three offers which he used to drive the purchase price over the Seller’s expectation.
CHALLENGE:
Both the purchaser and the seller were located on the west coast of the United States and neither had a local employee or staff presence. In addition, the Seller had done all property management and leasing directly from their west coast office so there was no one in Atlanta with established tenant relationships or direct experience with the real estate. A significant issue was revealed during due diligence: a problem with the sewer line was causing an odor that was disturbing the tenants and their customers.
RESULT:
With the rent roll and NOI at risk of significant disruption, Ben put his boots on the ground, established relationships with disgruntled tenants, and identified skilled vendors who ultimately addressed the problems to the satisfaction of all parties so that the property was closed at the original sales price.
CLIENT TESTIMONIAL:
“Ben got the job done and we are thrilled with the result! We wanted to sell our shopping center in the northeast Atlanta suburbs but wanted to do it quietly — we don’t like seeing our properties out on the internet for the whole world to see, but at the same time, we wanted a good price. Ben brought us a quality purchaser who was willing to hit our number (and actually, a little more). It was a lightning-fast process — a quick due diligence and a five-day close. We’re out of town on the West Coast and the purchaser was also out of town, so Ben was our boots on the ground and got it across the finish line. We would definitely work with Ben again in the future.” – Ayda Kach
