Team Overcomes Market Challenges and Secures Ideal Buyer for Property through Creative Marketing

Challenges

The property faced several challenges, including limited demand due to the scarcity of single tenant office users in the area, a large floor plan that was ideal for owner users but not suitable for most commercial tenants, reduced demand for large office footprints after the onset of COVID-19, and a long-term lease with an existing tenant. The property also lacked sufficient parking, which made it difficult to attract potential buyers.

Actions

To overcome these challenges, the team took several proactive steps. They targeted medical providers in the downtown area and exposed the property to local apartment developers, medical service providers, nonprofit services, and the city and county. The team developed a high level of exposure through effective signage, online presence, cold calling, and held open houses to showcase the property's potential.

Results

The team's efforts paid off, as they received an offer to purchase the property from a nonprofit service provider that planned to use the property for medical and support services. The buyer needed to apply and go through a lengthy conditional use and building permit process, which the team supported them through. The seller and buyer agreed to hold the property off-market for a period using a paid option to purchase during the permitting process, which provided the buyer with the necessary time to obtain the required permits and financing.

• Downtown Warehouse Office to be converted to Medical.
• 14,000 Square Feet.
• Change of use opportunity

Testimonial

“Ces was instrumental in helping us find the right buyer for our property. From pricing to marketing to closing the deal, he was with us every step of the way. His dedication and expertise made all the difference, and we couldn't have been happier with the outcome. We highly recommend Ces to anyone who is looking to sell their investment property. Thank you, Ces!.”

Kurt Leswing and Elsa Leung, Owners