Challenge
- A 286,000-square-foot power center that was only 55% leased.
- Property was out to market and had a few failed marketing processes.
- Owned by an institutional investor and a high stakes assignment.
- Asset functionality post construction was major.
- Market value less than debt amount.
Strategy
- Sell a pad separate to the shopping center to create a 20% increase to pricing.
- Target local and regional value add buyers for the power center portion.
- Target exchange buyers for the $4M of pads.
- Create competition to drive certainty of execution.
Results
- Generated 8 offers on the power center and 12 offers on the pads.
- Sold the pad at 99% of our list price.
- Drove competition and sold the asset as is with a short DD time period.
- Exceeded our client’s expectations and a very challenged asset.
