ECR delivered a high credit buyer for Carter Validus at Stonegate Medical.
Client’s Goal
ECR actively approached Carter Validus upon learning a tenant in Stonegate had gone out of business. This left them with the decision between leasing or selling their property.
There was significant discussion around which would result in the most value for Carter Validus and in this instance, a sale of the property produced the highest return.
Challenge
Carter Validus had a very strong preference for a single tenant or user.
Based on the size of the building, the list of healthcare groups that could occupy the entire building was limited.
The brokerage team for ECR targeted a sales price that would be one of the highest in South Austin and that further limited the audience of potential buyers.
Strategy
The brokerage team for ECR aggressively marketed the property towards larger healthcare practices, hospital systems, and non-profit clinics.
The team leveraged its in-house marketing team and resources to brand marketing collateral accordingly to appeal to the anticipated audience.
ECR provided thoughtful market intel which allowed us to hit our intended sales goal in a relatively short period. ECR’s skilled team members provided solutions when challenges arose, and they were in constant communication with us throughout the entire marketing and sale process. We were in great hands with ECR and would recommend them to assist with your healthcare real estate needs.
Ben Stephens
Carter Validus
Results
The brokerage team for ECR estimated identifying a buyer within 60 to 90 days of marketing the property. ECR communicated to the client that the property would likely transact at $355-360/SF.
ECR was successful in finding a high-credit buyer for the property shortly after the first month of marketing the opportunity.
ECR negotiated with the buyer to arrive at the predicted sales price, $355/SF.
ECR went under contract on the property three months after receiving the offer letter and was able to close in less than two months thereafter.
