Walgreens – Gilbert, Arizona
Our Client was a fiduciary who represented a private institution who had received a property through devise. The property was on a ground lease and the institution did not have space for it within its portfolio, so it sought out our team to help liquidate the asset. The land is owned by the City of Gilbert, in a long term lease. Our Client was looking to sell the building, and leasehold estate in a less than ideal time frame. The recession had been in full swing for about two years and many investors were not interested in buying a property that did not include the land beneath it.
Our team’s first action was to truly understand the asset and it’s cash flow potential. By performing a thorough underwriting process, our team was able to build a compelling offering memorandum that addressed the serious return on investment one could achieve from the building. Our team then circulated the asset through our entire database, marketed with our standard practices, and received multiple offers within a few weeks.
By taking the time to underwrite the asset, and marketing the building with our proven techniques, ourteam was able to quickly sell the building at full asking price. Our client was very pleased that they were able to liquidate their asset within a fast time frame.