Our Client was acting as a fiduciary for a group interested in selling their net leased office building in Scottsdale, Arizona. The tenants, although both credit worthy, were not committed to long term leases. One tenant was a branch from an out of state bank, and the other was a department of the City of Scottsdale in a sublease.
We started by creating an offering memorandum that highlighted the strength of the asset’s location and submarket. This helped to express the ease of finding a new tenant if one of the current ones did not renew. Then our team used our regularly curated database and marketed the property through a number of channels. We also created a secondary database, specifically for this property, of all small office owners within a three mile radius of our client’s building and advertised the property to them. Within a few weeks we had multiple offers for our client.
Through our three pronged approach, and local marketing effort, a buyer came forward who owned a similar property nearby. Within a few weeks of opening escrow, the sale closed at full asking price. Our client was very happy with the speed and price that their office condo sold for.
“Jeff Gorden’s team quickly found us an out of state buyer who was very comfortable with the property. I don’t know how they do it but the process was smooth from beginning to finish. We were very happy.“
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