LIGHTNING - FAST RECORD ONE WEEK CLOSING ON MULTI - TENANT SHOPPING CENTER
CHALLENGE:
A multi tenant two building retail center presented with architectural and design issues together with management and ownership issues. The building was designed such that only one side of a four sided rectangle had main road frontage leaving most of the tenant spaces facing the sides and rear of the property with limited visibility. Additionally, an out of state owner with limited commercial real estate experience allowed for the accumulation of significant deferred maintenance.
ACTIONS:
The Investment Sales Team identified a unique purchaser motivated by tax planning who was eager to secure a purchase in a highly expedited timeframe. Having successfully transacted multiple properties with this purchaser previously, the Investment Sales Team at JGRE secured an all cash agreement for a lightning
fast closing and shepherded the transaction from conception to close in less than one week.
VALUE-ADD:
In the months prior to the sales transaction, the Investment Sales Team worked closely with JGRE’s Retail Leasing Team to secure three leases. While over 50% vacant when first introduced to the property, the coordinated leasing efforts of JGRE increased value to the owner which secured a satisfactory sales price.
“In 25 years in real estate, I’ve never seen anything like it! From an idea on a Tuesday to a closing on that Friday it took a strong team, many relationships, a network of professionals, and a real test of negotiating skills to do successfully what seemed at first impossible.”
– Ben Pargman
