Palmer Town Centre

Easton, PA

Challenge

  • Owned by a TIC group of 37 investors.
  • Occupancy dropped below 80% and little funds to lease market deals.
  • Varying ownership related challenges creating a non-functioning shopping center.
  • Significant near-term rollover.
  • Vacant units had been vacant for several years.
  • Property was not in good condition.

Strategy

  • Fully expose the property to the market through a tiered approach.
  • Create a value-add plan to attract the highest probability buyer.
  • Highlight the grocer’s sales volume and the target Institutional and private capital.
  • Have local partnership to tell the local story and support the value -add component.

Results

  • Generated 10 offers – 5 from local and 5 National.
  • Perfectly executed marketing plan to target two different buyer pools.
  • Excellent pricing and certainty of execution provided to the 37 investors.
  • Managed an incredibly difficult escrow and negotiation process due to internal conflict from the ownership group.