FLEXIBILITY AND FOCUS YIELDS TOPMARKET PRICING FOR OWNER/USER SALE
CHALLENGE:
An owner-user law firm client outgrew their space and made plans to move. JGRE was retained to sell the old office. The owner/seller was over utilizing the space and the high density of workers, furniture, and files made selling prior to vacating challenging and put a strain on existing parking availability. The owner/seller made clear his desire
ACTION:
JGRE provided an analysis comparing a theoretical sale under current conditions versus one to be obtained in six months to a year after the property was vacant. The marketing efforts were postponed until after the client moved out. In addition, the client accepted advice to paint and re-carpet the entire office and undertake certain cosmetic and other repairs to best position the property for an owner/ user sale.
$216/SF | $1,190,000
23 Day Contract to Close
RESULT:
After the work was completed and the property brought to market, an acceptable offer was received from another owner/user law firm. Even with an acceptable offer in hand, Ben continued to market the property and obtained another offer at the last minute that was significantly better than the first. Ben recommended the client change direction and accept the s e c o n d o ff e r r e s u l t i n g i n a significantly higher sales price. The transaction closed quickly and easily and the client was thrilled with the final result.
Client Testimonial:
Ben successfully sold an office building for me and was great to work with. I had the luxury of time, and he was patient and diligent as we pursued a top-of-market price. We were just about to go in one direction when, at the last minute, he advised changing course and produced a far greater outcome for me. My best interests took priority over fees, and I was very pleased with the result. I would definitely work with Ben again.”
– Ruben Cruz
