Assignment
Pacific Real Estate Partners, Inc. was hired by longtime client RREEF to dispose of the Evergreen Distribution Center. The facility consisted of 151,000 square feet, constructed on 10.93 acres located in the Sunset Corridor Submarket.
Objective
To create a competitive bid process that would attract the greatest number of investors and result in the highest valuation.
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Challenges
To find a buyer interested in a single tenant asset that was 100% sublease for a term shorter than the master lease. Additionally, the buyer needed to attribute maximum value to the 3.3 acres of excess development land and get comfortable with the recently restructured entity holding the master lease.
Results
The Investment Team created a detailed marketing plan that identified the most likely, qualified buyers with the lowest cost of capital. Multiple offers were received and the investment team drove the bid process to ultimately achieve a higher than anticipated price for the asset and a successful price per square foot for an industrial asset.
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