Village at Sandhills Town Center
- 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.
- 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.
- 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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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 Outdated movie theater lacked credit, but required significant LL renovation contribution.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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