Success Story: Stadium Crossings

  • Jul 12, 2018
  • Marketplace Closings

SALE PRICE: $46,000,000
The sale of this 165,000+ SF mixed-use property demonstrates the advantage that can be gained by using our tiered Custom Sale Event process which combines the competitive atmosphere of a live online sale with the selective approach of a traditional sale. Due to the complexity of the asset’s multiple components (and parcels) – a multi-tenant office building, a former bank building in need of conversion, a church building with an expiring lease, a multi-tenant food court, and multiple stand-alone restaurants - (1) The seller needed to understand interested parties’ underwriting and capital improvements projection, (2) Investors needed the transparency and access to dig into the due diligence materials and to devise a strategy to value and acquire the property. The two-tiered process of our Custom Sale Events offered seller and investors the opportunity to meet their distinct needs leading to a highly competitive live bidding event between a large group of investors with a wide array of investment criteria, underwriting assumptions, and strategic plans for the asset that pushed pricing well beyond investors’ initial indicative pricing.