Walgreens – Mesa, Arizona
Our Client was a fiduciary representing a private institution that had received a property through devise. Our client owned the building, and leasehold estate, but did not have room for the asset in its portfolio. The land is owned by the City of Gilbert, in a long term lease and had rent escalations on it, while the tenant in the building had de-escalations on its rent. In addition to these less than desirable characteristics, the property was also being sold in the middle of the recession and was slightly older than most investors would have liked.
Our team’s first action was to truly understand the asset and it’s cash flow potential. Despite the escalating financial obligations, and de-escalating revenue potential, we performed a thorough underwriting process and were able to build a compelling offering memorandum that addressed the 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. Our team also dismissed the concerns that our buyer had about the age of the building and successfully countered his discounted offer.
By taking the time to underwrite the asset and market the building with our proven techniques, our team was able to quickly sell the building. Our client was very pleased that they were able to liquidate their asset within a such a short time frame.
“I won’t say this property didn’t have it’s challenges, but Jeff Gorden made this look easy. He found a California buyer and managed the entire escrow process for us. He even overcame several price reduction attempts by the Buyer. We were very happy with the results.”