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Village at Sandhills Town Center
Columbia, SC
Challenge
- The asset was an REO life-style center having suffered neglect during foreclosure cycle.
- Economic performance suffered due to co-tenancy and ineffective property management.
- Bifurcated ownership of Phases I, II & III contributed to operating inefficiencies.
- Loss mitigation challenge to liquidate and recover as much of original $57mm debt as feasible.
Strategy
- Maximized exposure and prospective buyer interaction using auction platform.
- Sell the story of Columbia, SC (#3 market in state) to out-of-town buyers.
- Highlight opportunity for reset and upside based on a deep value-add potential.
- Overcome JC Penney anchor credit weakness with multi-family use conversion scenario.
- Working effectively with property manager was essential to consummate sale.
Results
- Conducted a thorough and exhaustive effort to navigate the complexity of the opportunity.
- Leveraged a Regional and National buyer relationships to create demand inside auction.
- Successful coordination with winning bidder’s lender made all the difference to reach closing.
- Drove a novice buyer to exceed seller’s reserve threshold.
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