Sourcing New-To-Market Buyer Results in Successful Sale
  • Location: 2700 Cumberland Parkway SE Atlanta, GA 30339
  • Size: 105,464 SF
  • Type of Project: Investment Sale
  • Service Type: Capital Markets

CHALLENGES

  • Declining Occupancy – property fell from 70% occupied when the marketing process began, to 55% occupied by the time B Developments closed on the deal. Many tenants who had sub-leased and backfilled vacated during sales process
  • Pessimistic local buyer group – Property Ownership had already conducted a failed marketing process, buyers were competing downwards on pricing

 

ACTION

Casey sourced a new-to-market buyer from South Florida with a unique long-term value-add strategy that allowed them to push pricing 25% beyond the local group of short-term value-add buyers.

 

RESULT

B Developments purchased the property for $9,775,000 and immediately leased over 10,000 SF of space. After purchasing multiple assets in Atlanta, the Client is now optimizing their fund structure to provide further cost efficiencies and drive returns.