62% Occupied Bank-Owned Retail Receives 12 Competing Offers
Is the market improving that much or was it savvy marketing by the bank?
PNC recently sold an unanchored suburban retail center at more than $80 per sq. ft. The bank was able to create a competitive bidding process for the 62 percent occupied, foreclosed suburban retail center, receiving 12 strong offers.
Despite vacancy, collection and other issues, the 22,000 sq. ft. Grasslands Plaza Retail Center, located north of Atlanta in Alpharetta, traded for $1.8 million in an all-cash transaction.
The key to the successful sale was an immediate full push out to the entire marketplace. The bank utilized Bull Realty’s high-exposure, full-cooperation marketing platform and the team’s expertise in retail investment properties.
To find the most motivated buyers, Bull’s brokerage team utilized its expert knowledge and extensive database of investors. At the same time, the firm’s marketing support promoted the property on 350 websites, 17 marketing systems and four e-marketing systems.
“Another factor that created buyer demand is that Bull Realty is known in the brokerage community as being fully cooperative and for sharing compensation with outside brokers,” said Bob Kane, vice president in Bull’s National Retail Group. “Many buyers are represented and sometimes the buyer that will pay the most is working with an agent that some of our friends in the business may not reach.”
“Banks want to know they are receiving the highest price possible and this type of high-exposure marketing provides proof they made the right decisions,” said lead broker Rob Whitmire, a partner and senior vice president at Bull Realty. “When you achieve record pricing and competing offers on a distressed asset, well, the results speak for themselves.”
Bull Realty, Inc., Research