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Iron Horse Shopping Center
Reno, NV
Challenge
- Property was in receivership and scheduled for an early January Auction.
- Seller gave us 3 weeks to sell the asset to avoid the Auction.
- Could not fully expose the asset to the open market.
- Property was distressed but pricing expectations were strong.
- Had to find and deliver with a buyer during the winter holiday.
Strategy
- Positioned the property to three buyers.
- Leverage national teams’ relationships.
- Utilize local team to tell the local story.
- Position the offering as exclusive.
Results
- Received two offers within a one-week period.
- Sold the asset in 21 days without any price reductions or listing extensions.
- Delivered for a top client during the holidays.
- Took over the leasing of the property and helped stabilize and execute on the properties business plan.
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