- Mariano’s paid over $2.5M in rent.
- Relatively flat income stream.
- Adjacent existing grocery anchored center with strong performance.
- Seller had high pricing expectations and we were the highest BOV value.
- Fully expose the property to the market through a tiered approach.
- Target large exchange buyer and institutional capital.
- Highlight the properties excellent demographics surrounding the property location to support market rent.
- Support the strength and long-term strength of the market.
- Sold the property at the upper end of our BOV range.
- Highest price paid for a Mariano’s at over $41M.
- Record cap rate for a Mariano’s at a sub 5.5% cap rate with minimal growth.
- Closed the transaction in 21 days.
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More Success Stories
Institutional Seller with strong expectations. Not main and main within the market. Restrictions on fully marketing the asset. Short timing to sell the property. Record cap rate for the Pacific Northwest. Sold to an exchange buyer off market that was based in Beverly Hills. Delivered again for one of our top clients. Help us take the top spot for grocery sales in 2020.
Top performing Kroger grocery store coupled with Kmart anchor on eve of bankruptcy. Underperforming shop tenant performance and new development competition. Northward market migration and residential growth. How to get value for Kmart space with limited prospects to backfill 100,000 SF. Kroger controlled redevelopment via site plan modification approvals.
High seller expectations for REO asset at excellent location near high-performing regional mall. Second generation replacement anchors HH Greg & Gander Mountain lacked credit. Functional obsolescence of enclosed mall shops resulted in under-performance. Outdated movie theater lacked credit, but required significant LL renovation contribution. High expectations based on quality of location but encumbered by current leases. Vintage physical plant was dated with deferred maintenance.
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