OUR APPROACH

This was a rare opportunity to reposition a historic boutique asset in a ‘main and main’ location, while having some in-place cash flow. We targeted local private capital investors and West Coast institutional value-add groups. 96 prospective buyer signed confidentiality agreements to review the due diligence materials and we led 26 property tours. Despite receiving offers, we paused the process in the middle of buyer interviews once it became clear the pandemic was going to severely affect the lending landscape and ability to get third-party property reports. We stayed in close contact with the Seller and provided updates on valuation, selling vs. renovating/retenanting and holding, offering seller financing, etc. Ultimately we were able to get one of the buyers that made an offer in early-2020 to resubmit at terms that worked in early-2022, and close the sale before interest rates significantly elevated.