1601 Headway

Challenge

• The ownership of 1601 headway Circle had owned the property for many years and had reached a point in his career of beginning to sell off several assets to begin slowing down in the business to pursue other interests.
• Headway Circle had sat vacant for 3 years after a long tenure tenant had vacated to build their own facility.
• The long-standing vacancy had left the building in poor shape with many improvements required to bring the product back to a market standard capable of being leased today.
• Added to the fact the property was being marketed in-house by the owner, the amount of time it sat on the market created a stigma within the brokerage community challenging ECR to present a change in attitude and craft a new direction for the asset.

Strategy

• ECR and ownership held a series of meetings to review the options for marketing the property for lease and provided recommendations on how to obtain the highest return for the client.
• After many discussions, ownership took the advice of ECR to improve the overall impression of the tour experience while incurring minimal cost by painting many of the interior walls, repairing old lights, cleaning and repairing windows, and thorough cleaning of both the interior and grounds to the property.
• The overall strategy being to enhance the tour experience.
• ECR’s marketing team created marketing boards that could show potential layout scenarios to help the tour prospects visualize the future potential of the building.
• The ECR team then performed an aggressive marketing campaign designed to directly target all potential users in the market as well as local and regional real estate brokers.

Results

• After receiving a majority of the interest from potential groups looking to purchase and not lease, ECR made the tactical decision along with ownership to review the sales market, determine the best value attainable in today’s market, and re-introduce the property to sell.
• After targeting ECR’s extensive database of investors and users alike, ECR was successful in identifying a qualified owner/user who saw the potential in the property and placed it under contract with a short timeline to close.
• The terms of the contract met the seller’s goals and ECR was ultimately able to close the transaction while exceeding the proceeds goal of the owner.
• In the end, ECR was able to satisfy the end goals of our client allowing the owner to exit the property with ease and allowing the equity to be used in any manner they wished.