The client’s goal was to maximize the sale price for the 75,000 SF vacant office building.
They were willing to lease the property up to do so or to sell it vacant.
Provident Realty Advisors purchased the property prior to COVID as an Opportunity Zone investment. They invested significantly into the asset. The marketplace changed as a result of COVID, interfering with and delaying the lease-upstrategy.
Provident Realty Advisors hired ECR to help navigate the best solution based on ECR’s experience in leasing and sales whereby our team could pursue both strategies simultaneously.
ECR completed an analysis comparing leasing the property to sell as an investment versus selling to a user. The user strategy was superior and this was the primary goal for marketing while also marketing the property for lease to keep all opportunities open.
ECR marketing the property broadly, including throwing the first Broker Open House party in the Austin market from when COVID started. The event was a huge success and heavily attended as the brokerage marketplace was ready for it.
ECR sourced and executed a sale with a user, Dabella Windows, to fulfill the client’s goal.
The buyer was sourced from ECR’s broad marketing with an out-of-state broker representing an HQ relocation to Austin. This avoided any further investment into the property while achieving the highest sale price possible.