PROPERTY OWNER EXCHANGES CHAOS FOR CASHFLOW.
A local investor wanted to sell 2 adjacent retail properties on a busy commercial street. One was vacant restaurant. The other was a fully occupied 4-tenant strip retail enter. Both had deferred maintenance. Step 2 was to reinvest the proceeds into less complex commercial real estate. The first challenge was finding a single buyer who wanted to buy both properties in one transaction.
Several offers were received but all were far below the asking price/goal for the sale. It became apparent that buyers wanted only the restaurant for their business, or the other buyers only wanted the strip retail for investment purposes. To buy both in a single transaction. these buyers made low offers. We changed strategy and offered the properties for sale separately.
We quickly received an offer on the vacant restaurant form a regional operator.
The vacant restaurant sold for 86.7% of the list price ($419.35/square foot).
The 4-tenant strip center sold for 92.9% of the list price ($348.21/square foot).
The combined price was 95.6% of the list price when initially offered as combined sale. ($73.56/square foot).
"The Vaaler Commercial Real Estate team helped us achieve our goals with diligent effort, by executing a creative strategy, and using ingenuity to sell our properties. They communicated with us throughout the entire process and brainstormed with us to complete both sales and achieve the best possible results. We recommend them to anyone considering the sale or acquisition of commercial real estate/investment property:' - The Happy Campers
This sale was part of our ElderCRE© program to assist owners of complex commercial real estate maximize returns, simplify their lives, and preserve generational wealth.