O’Donnell says his team was only allowed to present the offering to three prospective buyers. And there was only eight weeks to close the deal. The small window meant the team couldn’t put together a full marketing package or sell the asset to any buyer that might need financing to close. CBRE identified three reputable quasi-institutional entities with the ability to pay cash. O’Donnell says all three groups performed extensive due diligence before submitting offers.

“The entire sales process was extremely challenging and fraught with issues,” O’Donnell says. “Given that there were over 40 tenants—many of which were not paying the rent stipulated in their lease—operating in eight separate buildings all situated on individual parcels involving cross easement and significant deferred maintenance issues, the biggest challenge was getting the buyer comfortable with numerous moving parts within such an extremely abbreviated timeframe across the holidays.”

The property is only 71% occupied. O’Donnell says it took a total team effort from the seller and his attorney, Goren, Cherof, Doody & Ezrol, P.A., as well as the buyer and his attorney, Gunster Yoakly & Stewart, P.A., and CB Richard Ellis to complete this transaction.