OFF MARKET PRIVATE SALE OBTAINS ABOVE EXPECTATION PRICING
CHALLENGE:
An individual private investor purchased a high vacancy 16,650 SF strip retail center in the northern Atlanta suburbs from a bank REO during the Great Recession. Ownership diligently leased the center and actively self-managed the property to local and regional quality tenants. While not open to publicly marketing the property, ownership was willing to consider exiting the investment and realizing the gains from his efforts if a top of market very attractive offer were to be presented. The challenge to Ben and JGRE was to obtain aggressive above market pricing without the pubic marketing tools and the leverage of competition that comes from a public listing.
SOLD at 106% of
Seller’s Initial Ask
* 100% leased
* 7.4 CAP
* $180/SF
RESULT:
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 and could pay top of market pricing. A strong purchaser was identified in search of a 1031 replacement property.
An understanding of the underlying motivations and values of both seller and buyer allowed Ben to create a win-win transaction where his client obtained premium pricing in exchange for the ease, professionalism, and speed of the acquisition process that was important to the purchaser.Ben’s strong negotiation and communication skills and understanding of the needs of both parties led to a successful transaction. Despite not publicly marketing the property, Ben and JGRE obtained an ultimate sale price for the Seller that was greater than seller’s original sales threshold.
Client Testimonial:
“I’ve worked with many real estate brokers over the years — heck, I even used to be one — so I know what goes into getting a deal done. The problem with most agents is commission comes first, even though they’ll never admit it. I can tell you that Ben put the deal first, and that’s what got me the high end of market value. I found Ben to be a hardworking, honest professional that I’d definitely use again.”
– Chris B. Campbell
