Assignment
Pacific Real Estate Partners, Inc. was hired by longtime client Olympic Capital to dispose of the 1500 & Lloyd Buildings. The project consists of one 65,000 SF, five-story building and four interconnected, elevated single-story buildings consisting of 60,000 SF.
Objective
Seek a capital source with flexibility to apply multiple costs of capital to suport the highest valuation on streams of cash flow with different risk profiles.
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Challenges
To find a buyer interested in a project with future development potential where 50% was under a long-term lease structure and 50% was short to mid-term staggered lease rollover.
Results
The Investment Team created a detailed marketing plan that identified the most likely, qualified buyers with the lowest cost of capital and the most flexibility. 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 SF for 40 year old buildings.
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