BROKER FINDS UNIQUE BUYER FOR NEGLECTED, 90% VACANT RETAIL CENTER
CHALLENGE:
An entrepreneurial owner used an old shopping center for office storage. For years they ignored important maintenance and allowed roof leaks to cause damage to the interior spaces. In short, the property had been neglected, ignored and was 90% vacant when ownership asked Ben Pargman to sell it.
ACTIONS:
Ben accepted the listing after managing the seller’s expectations on pricing of a largely empty, older center with significant deferred maintenance. Ben marketed the property through traditional channels to provide exposure but identified a unique buyer from his list of qualified purchasers, someone who came with their own tenants and was looking for a high-vacancy retail center.
RESULT:
Ben guided his client through a challenging due diligence process that involved several re-trade attempts by the purchaser. Ben advised his client to hold the line and defend the sale price and the property closed at the original contract price.
“Whether it’s $3 million, $30 million, or in this case, not even $300,000, a purchaser and a seller coming together to transact is a special intersection of people, place, and price and I am honored to play a role and facilitate transactions, big or small.”
– Ben Pargman
