BROKER IDENTIFIES UNIQUE VALUE-ADD OPPORTUNITY FOR INVESTOR AND NEGOTIATES MILLION DOLLAR PRICE REDUCTION FOR BUYER
CHALLENGE:
An experienced multi-family developer approached the head of the JGRE Investment Sales Team, Ben Pargman with a creative idea: identify older multi-tenant retail properties that might make viable multi-family redevelopment sites. Given the intense pressure from institutional merchant multi-family developers through the current strong development cycle, development and redevelopment sites were extremely rare, difficult to find, and pricey.
SPECIAL COMBINATION OF TOOLS:
Ben Pargman began his real estate career as an attorney representing developers where he gained important experience in the development process. The combination of development experience together with his investment sales expertise brought unique and powerful perspective to the search. Ben was able to see something others had overlook – a property that had been on the market for a long time but failed to fall into the traditional boxes for both retail investors and apartment developers.
RESULT:
In the gap between traditional investment and development acquisition criteria, Ben negotiated a ONE MILLION DOLLAR price reduction for his purchaser client and navigated both sides to a smooth and quick closing in less than 120 days from contract to closing.
ONE MILION DOLLAR PRICE REDUCTION NEGOTIATED FOR BUYER
“Ben has the ability to see things others don’t see. His background as an attorney enables him to move nimbly where other brokers stumble and his land and development experience is rare among “investment guys.” I have transacted over a billion dollars in real estate, and I can say working with Ben was one of the smoothest deals I have personally been involved in. I am looking forward to our next deal!
– Lance Chernow
