Our buyer was looking for a well-located investment-grade property, for the purpose of fulfilling a 1031 exchange. Our buyer was able to close the transaction once his down-leg 1031 property closed. The seller had many opportunities to cancel the contract due to the multiple delays, yet because of the buyer’s willingness to complete all due diligence and most of the required loan assumption process ahead of the closing date, and the consistent advocating of our buyer’s credibility throughout this extended process, the seller was willing to stay engaged and in contract through closing.
Courtyard at Countryside
The owner/seller is the original developer, and had considered selling for some time, but in-line shop space vacancies prevented the property from achieving the seller’s minimum value expectation. The owner was successful in leasing the property to 100% occupancy. Well located properties like Courtyard are commanding the highest market value. Since the property was fully occupied, the owner decided to take advantage of favorable market timing and pricing.
The Village at
The original developer hired Sean Glickman to analyze and build a strategy for this property, along with the rest of his portfolio, in 2010 when the loan was distressed. The loan was sold by the lender and the property was then foreclosed on in 2011. The new owner stabilized the property’s occupancy throughout the next 3 years, and decided to hire Glickman to maximize its value based on his intimate knowledge of the property and local market, and his global outreach.
The property had to be sold with a CMBS loan assumption at a 5.86% rate with eight years remaining; approximately 150 basis points higher than the market at that time. In addition, the two anchors had only three and four years remaining and did not report sales. Having an address in Titusville did not help either, due to the dramatic downturn is suffered after the closure of NASA’s space program. Our global marketing campaign produced 18 offers, 40% of them came from international investors. Thanks to the creative financing solution, the prevailing buyer, who is an international investment fund, was able to reach his return objectives and acquire the property.
Crystal Beach Plaza
Our team found a highly qualified and credible buyer who accepted the Master Lease component. This resulted in our team securing a price that surpassed the seller’s expectations. This also gave the buyer an opportunity to further increase the value by leasing the remaining vacant space. During due diligence, our team was also instrumental in overcoming and solving property and tenant issues. We closed this transaction within a short time frame and with only slight adjustment in price as a result of necessary capital costs to bring several of the vacant spaces to tenant-ready condition.
After several months, the equity partner decided to accept a lower buy-out price from the general partners. Colliers was engaged to find a suitable replacement equity partner. We concentrated our efforts on finding potential equity investors who would be a good fit for the general partner as well as being comfortable with the risk associated with owning this asset. Colliers was successful in procuring an ideal equity investor and as a result, the transaction closed in the first quarter of 2014.
Shoppes at the Royale
Over the course of 3.5 years, Colliers brought the property to 100% occupancy. In response to high demand for quality centers like this, in 2015, the client decided to sell the center. Colliers commenced on an extensive marketing campaign and located the ideal buyer - a private investor who appreciates the strong locational attributes and outstanding tenant roster. Royale is an excellent case study in how a team of committed professionals can assist owners in maximizing the value of their assets by working diligently to represent the owner’s best interest.
Recently Closed Transactions
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