OVERCOMING CHALLENGING AND CHANGING FACTS TO REACH CLOSING
CHALLENGE:
Owners were out of town investors who engaged Ben Pargman to sell their strip retail center in Buford, GA believing their anchor tenant in over 50% of the center was about to sign a long term renewal. Ben underwrote and positioned the property for sale accordingly. However, the anchor tenant surprised all by not renewing at the last minute and overnight the center was 50% vacant.
SOLD at 105% of Seller’s Initial Ask
7.52 CAP
$180/SF
CLIENT TESTIMONIAL:
“Ben successfully sold a retail center in the northern Atlanta suburbs for us. We got a great price that we were thrilled with, but more importantly, as out-of-town owners, Ben served as our boots on the ground. And we needed an army — there were significant issues that arose requiring Ben’s network of vendors and an attorney, and Ben quarterbacked a complicated transaction to a successful closing. Ben was creative at times and an aggressive advocate for us when we needed it. We would definitely work with Ben in the future.”
– Anthony Prestigiacomo
RESULT:
After the center was re-tenanted, Ben reached out to a limited number of purchasers from his extensive buyer’s list and identified a group of prospects he knew were actively in the market, could pay top of market pricing, and who could handle the new tenancy with a lack of rental payment history. Ben called on his extensive professional network to introduce a lender who could loan despite the lack of rental history and an attorney to handle a dispute between the owner and a prior leasing agent. Ben’s strong negotiation and communication skills, and understanding of the needs of multiple parties, led to a successful transaction and an on time closing. Despite not publicly marketing the property, Ben obtained an ultimate sale price for the Seller that was greater than seller’s original sales threshold before loosing the anchor tenant.
