The ownership of 5900-2 Shepherd Mountain had other investment opportunities in different markets they wanted to pursue through equity from the sale of 5900-2 Shepherd Mountain. The Shepherd Mountain building held a vacancy rate of 24% with the vacancy being in shell condition. The condition of the vacant spaces required full build out and the ownership was not inclined to invest in this construction as the goal was to pull equity out from the property. This situation created a challenge for the sale of the building to investment groups for top dollar.
ECR and the ownership held a series of strategic meetings to review the options for marketing the property for sale and provided analysis of the various options. The strategy that was selected was to take the property to market for sale with no improvements to the current vacancies, but rather, to work to find groups that either saw value in building-out the spaces for leasing or could be users for the property. The ECR team created an aggressive marketing campaign designed to directly target all potential users as well as local and regional real estate investors and brokers.
ECR has acted as my Broker in the Austin area for a couple of years. I have found them to be very honest and to work diligently in my interest. I received timely and very comprehensive reports from them and they responded to my calls rapidly and kept me in the loop at all times. It was comforting to have them available since I do not live in Austin and am not always immediately available.
Within the initial month of the aggressive marketing campaign ECR obtained a host of serious and qualified purchasers. Of the interested parties, there were two user groups that were the most aggressive in their offerings. ECR leveraged the groups against each other and provided a best and final deadline to submitting revised and improved offers.
The property was placed under contract with Independence Title to be utilized as their headquarters property. The terms of the contract met the sellers’ goals and the timeline of the sale went without issue. Ultimately, the sale was completed within short order from establishing the sale strategy and ECR’s client was able to pull their equity from the property to apply to their other investment opportunities.