BROKER SNAGS VALUE-ADD CENTER FOR INVESTOR OUT OF AUCTION
CHALLENGE:
An aggressive value-add investment group had searched the southeast for vacant shopping centers ripe for repositioning. Well into the economic recovery of 2021, most vacant shopping centers had long been acquired and leased. A vacant shopping center was a rare commodity in the marketplace. The investment group turned to Ben Pargman and the JGRE Investment Sales Team to find a rare investment opportunity.
ALL CASH
21 Days from Contract to Closing
ACTIONS:
Ownership of the center had already committed to the auction and the property was being marketed by the auction company when Ben Pargman approached the sales listing team to propose a transaction outside of the auction platform. Initially reluctant to change course, the center’s owners were persuaded by JGRE’s presentation on behalf of their aggressive purchaser.
RESULT:
After several rounds of negotiation, the owners were convinced that JGRE’s client presented a solid “bird in the hand” that should not be turned down in pursuit of the unknown that might be “in the bush.” The allcash transaction was closed after a 10-day due diligence period and then 7 days to close.
“Cash and speed can provide a powerful negotiating position but knowing how to convey a strong position can be just as important. Being able to substantiate claims of strength by pointing to prior experience and a track record can turn talk into transaction.”
– Ben Pargman
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.
