ECR was selected to exclusively market 529 W. Oltorf, a 4,800 Sf medical/retail building at the prominent intersection of Oltorf and South 1st Street, for sale.
Upon underwriting the building to determine the best sales price, ECR found that additional leasing at market rates needed to be achieved to meet the clients’ required goals.
With the assistance of the leasing team, we were able to stabilize the rent roll with two new tenants at above-market rental rates proving the long-term viability of the site.
Strategy
ECR along with the ownership prepared a marketing strategy consisting of the following:
Assist in filling the vacancies with high-quality tenants in a transitioning retail area. Utilized existing restaurant improvements to attract another food-service user capable of paying above-market rates.
Stabilized rent roll and re-introduced the asset to the market through a direct call, email, and internet marketing campaign targeting prospective buyers.
Executed the sale with an existing relationship who routinely purchases assets of this profile.
Results
ECR achieved the ownership’s goals by receiving several qualified offers and assisted in the selection of the best buyer to close. ECR maximized the sale price through its strategy, only went under contract once, and closed on the property within 45 days.
