North Hixson Marketplace

High-Exposure Marketing generated significant interest and resulted in an expedited closing

Challenge

The sale of the property, North Hixson Marketplace, presented a significant challenge. The challenge was balancing the high level of interest with the need for a swift and effective transaction process. This property has a strong anchor tenant, Food City with 11.5 years remaining on lease term and a recent commitment to expand with its Gas’N Go fuel center. Despite having this tenant, there was 12,638 +/- SF of vacancy space, including a CVS junior anchor space. Ensuring that potential buyers were qualified and capable of closing quickly amidst the competitive market environment added pressure to the transaction.

Strategy

The agents implemented a high-exposure marketing strategy that successfully generated significant interest from potential buyers. By showcasing the property’s strengths, including the long-term lease with Food City and the added value of the Gas’N Go Fuel Center, the marketing campaign highlighted the property’s strong fundamentals and growth potential. The agents promptly evaluated the early offers, ultimately selecting a highly qualified REIT that was prepared to proceed with due diligence and close within an expedited timeframe. This proactive approach allowed the agents to streamline the process and secure a favorable outcome quickly.

Results

The property was placed on the market and attracted seven early offers from qualified buyers before the official call for offers. The agents chose to move forward with a well-suited REIT just two weeks after listing the property. The expedited due diligence and closing process resulted in a smooth transaction. This outcome demonstrated the effectiveness of the marketing and strategic approach. The successful sale underscored the strong demand for properties with solid tenant commitments and significant upside potential.

Disclaimer: This deal was not through Matthews Real Estate Investment Services™.