HIGH PROFILE RETAIL CENTER ASSEMBLAGE COMPLETED
OPPORTUNITY:
An international multi-billion dollar fund acquired two adjacent shopping centers consisting 334,000 SF of retail space on over 25 acres of land in a prime metro Atlanta suburb ripe for future development. Excluded from their acquisition was the pin corner outparcel at the major intersection in front of the property. The fund turned to Ben Pargman at JGRE to pursue the acquisition of two retail buildings off-market to complete the city block.
CHALLENGE:
The primary challenge was the properties in question were off-market, debt-free, and in the hands of fractured multigenerational ownership.
The owners had repeatedly turned down attempts to purchase the high-profile and strategically located property and were known in the market as non-sellers.
ACTION:
Ben called on his network of personal relationships to identify the family’s trusted advisor and opened a slow and patient conversation which identified ownership’s underlying needs and objectives which ultimately unlocked the purchase and sale of the property. Ben’s client now owns the outparcel that completes high profile retail center assemblage.
Client Testimonial:
“We recently acquired a large retail center through traditional capital markets. The acquisition excluded the pin corner outparcel in front of our newly acquired center. Acquiring that missing piece would square off and complete our city block and be an important strategic parcel for us in the future. We turned to Ben to pursue the acquisition off-market, and he broke through and made it happen.”
– Matt B., CEO
