This property could not have been in a better location, the high income area of Alpharetta, Georgia. However, this property was priced well above any comparable that had been sold in the Atlanta suburbs. It had rents that were some of the highest that has ever been achieved in Atlanta and was 100% leased to local and national tenants.
Our client gave us only 30 days to package, market, and locate a buyer in order to facilitate their exchange. The pressure was on. We put the offering memorandum together in 2 days and had it to market in 3 days.
We immediately went national, focusing on high dollar per foot areas such as California, New York and Chicago. We prequalified the buyers for their willingness and ability to assume a 60% LTV, which would require $4 million down, and sign carve outs.
These approaches lead Shane to a purchaser 2,000 miles away in California. The buyer, in a 1031 exchange, was a sophisticated CFO with another large developer. This key–accessing sophisticated and not inexperienced, purchasers—was one of the keys to meeting the owner’s deadlines, especially given the higher rents and loan criteria.
By meeting regularly with all parties, we were able to identify and solve issues or roadblocks that would arise. Ultimately, we cut the normal due diligence and loan assumption time frame by a third. We got the parties to the closing table on schedule and the Seller was able to do another $60 million project.