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.