BROKER IDENTIFIES VALUE-ADD BUYER TO REVITALIZE OLD RETAIL CENTER
BACKGROUND:
A sophisticated and experienced real estate family office held an old and tired retail center with high vacancy and deferred maintenance in the Dunwoody/Doraville submarket of Atlanta. The value-add opportunity was fully within the ability of ownership; however, they were open to a sale that “saved them the hassle” at a number that would rival post-value-add pricing.
CHALLENGES:
Ben identified a purchaser with a value-add strategy that included the addition of fuel pumps. With the addition of fuel pumps and a change in the use of the center, the economics could support a purchase price that impressed the owners. The addition of the fuel pumps, however, required additional approvals and permits from local authorities that caused delays.
RESULT:
With the purchaser unable to meet the timeline originally agreed to in the Purchase and Sale Agreement, Ben negotiated extensions that preserved the deal by keeping all parties informed of the various causes of delay and maintaining mutual levels of trust and confidence between the parties.
$129/SF
$1,300,000
Value-Add
