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:
Prepared a list of building improvements, in order of importance, and worked with the ownership to complete all items before scheduling tours with prospective buyers
Updated floor plans and re-measured the building, which uncovered a lower common area factor than comparable buildings
Strategically executed a direct call, email, and internet marketing campaign targeting prospecting buyers (users and investors)
Not only did ECR come on board quickly, but they tackled my lease up and existing tenant renewals, with an owner’s standpoint. They added great value to the building through new lease up and renewal negotiations and positioned the building with added value for sale. The marketing package and outreach on the sale side was phenomenal and led to multiple offers, quicker than I had expected. The sale was at a top market price and the transaction was done timely and managed step by step by ECR. My experience with them was so positive, that since, I have given them 3 more buildings, of mixed type, to lease up and position for sale.
The Kalantari group
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.