Starbucks Freeway Retail Center

Challenge

The Cook Road Alliance owned a fully leased three-tenant retail investment property in Burlington, Washington. The underlying debt was due, and the ownership group faced the decision to refinance or sell. Rather than outlay additional capital in a refinance, the owners chose to sell. The existing underlying debt was significant and required the property to be priced extremely aggressively to ensure the ownership achieved positive net proceeds. To avoid costly loan fees, a sale needed to close quickly.

Action

The sellers engaged Erik and Mike to market the property for sale. After meeting with the owners to understand their goals and analyzing the market and property financials, Erik and Mike developed a marketing plan that accomplished a wide distribution to likely buyers. They created a detailed offering memorandum including investment highlights, professional photos, site plan and maps, financial analysis, and demographic information. They distributed electronic and print material to thousands of likely buyers and commercial brokers. Multiple offers were generated, and after assessing the different buyers’ strengths, the Sellers accepted an all-cash offer. Erik and Mike organized the due diligence material and efficiently managed the escrow process to a successful close.

Result

• Executed an aggressive, 30 day marketing plan through print and electronic media
• Multiple offers created an auction atmosphere
• Smooth escrow management with no surprises for buyer or seller
• A short, 30 days escrow from executed purchase agreement to close of escrow
• Closed sale at 100% of the list price

Testimonial

“We gave Erik and Mike a tough assignment and they delivered. They have a great understanding of the retail investment market in the Puget Sound. Through their marketing efforts, they produced multiple offers and closed the sale in a short amount of time at 100% of our asking price. I highly recommend them to anyone looking to sell a retail center”  Mike Roeter - Cook Road Alliance