Challenge:
The biggest challenge we faced when selling this property was that the entire top floor was vacant and there was a retail vacancy on the ground floor. Initially, potential buyers expressed interest in occupying the property but required more space than what was available in the near future.
The 10-year lease of the other retail space (The Pretzel Factory) meant we had to target our marketing to investors seeking a value add deal, not owner-users.
Action:
From the moment our team received the exclusive right-to-sell agreement, we quickly brought the property to the market. The team effort resulted in over 44,670 total views and over 140 buyers viewing the property information online.
Our sales associate, Dawn Gingold, showed the property to numerous buyers and was available at all times to fulfill the incoming listing activity.
Gingold frequently communicated to the seller any updates. She notified the seller of how many views the listing received, the potential buyers, and advised throughout the multiple incoming offers. Throughout the obstacles in the contract and due diligence process, Dawn remained attentive to the seller’s needs and successfully got the transaction closed.
Result:
This retail and office property sold at $1,750,000 – all cash. American Investment Properties successfully represented both parties involved in this transaction and we closed the deal at $335 price per square foot.
View more of our sold properties here.
Thinking About Selling Your Commercial Property?
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