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.
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