Assignment
Pacific Real Estate Partners’ Investment Team was awarded the exclusive listing for three warehouse buildings located in Redmond, Washington. Genie Industries occupied the entire 418,388 SF with 10 years remaining on the lease term.
Objective
In lieu of refinancing the property, the owner elected to sell the buildings, however the timing required negotiating prepayment of the existing loan.
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Challenges
While Genie was the tenant of record, the company had been acquired by Terex who was reissuing their financial statements for the previous three years. We were not able to get updated written financial information on the tenant until after Closing.
Results
A quality institutional buyer was the top bidder, accepting the time delay caused by the prepayment of the loan. Pacific Real Estate Partners’ Investment Team arranged for private conversation between the CFO level positions of buyer and tenant which satisfied the tenant credit issues.
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