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ECR was hired in early 2016 to market Summit Point, a 25,000 SF office building located at 2512 S IH-35 in South Austin for sale. The building was in need of several exterior and interior improvements, and ECR strategically worked with the ownership to determine which improvements were most important to complete prior to bringing the building to market. In addition, the majority of the existing lease rates were 25-40% below market and ECR was able to restructure multiple leases to be in line with the market at the time of listing the building for sale, helping prove-up leasing assumptions. The ownership’s desired sales price greatly exceeded what the current net operating income supported, based on the in-place lease rates, and ECR had to overcome this obstacle with prospective buyers.
ECR developed a marketing, leasing, and sales strategy that consisted of the following:
ECR accomplished the ownership’s goals by receiving several qualified offers within the first two weeks of presenting this sale opportunity. ECR maximized the sale price and the selected buyer closed within 60 days. ECR’s strategy and execution resulted in a tremendous return on investment for the ownership.
We’ll connect you with the best-suited team for your needs. Let us know what we can do for you!