Locate a new tenant for the property and continue to own it, or find the right buyer to purchase the property.
Challenge
The 16,682 SF property is highly specific to one user, and leasing it to multiple tenants was not ideal.
Strategy
ECR’s team members presented the property to several user groups who would benefit from using an office building, an industrial building, and several acres of yard space.
Results
Within a week of the prior tenant’s vacancy, the property was sold to an investor through a 1031 exchange.
The buyer was in the market for a flex property for their new business.