Assignment
Bay West selected Pacific Real Estate Partners, Inc. to handle the disposition of its gift center portfolio. The project consisted of diverse assets that included a 209,437 sf wholesale market, 42,912 sf industrial warehouse and 5.6 acres of surplus land/assemblage opportunity. Our deep understanding of the investor market and ability to develop a bulletproof marketing plan were integral to the timely and successful close of this transaction.
Objective
Maximize value while ensuring a smooth close, without risk of re-trade, was of equal importance to the seller. Tenant sensitivity to this property sale made confidentiality and public relations a crucial element of this assignment.
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Challenges
A special-use office building, housing 91 gift wholesaler tenants, made the gift center a singular asset within the region. A future development site and single tenant warehouse comprised the rest of the portfolio, creating unique assets that required a creative and focused marketing strategy.
Results
The investment team focused on a select Tier I group of investors. Combined with our ability to educate the buyer pool on the strength of the gift mart industry and opportunity associated with the land assemblage, resulted in multiple offers from extremely qualified and motivated buyers. Our attention to detail and hands-on approach throughout the due diligence process, allowed us to guide the transaction to a smooth close with an ultimate sale price that surpassed seller’s expectations.
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