Matt Levin of ECR tells GlobeSt.com: “This investment sale was interesting for several reasons. First, the area is quickly transforming with many properties being converted into higher and better uses. However, the majority of the rental rates in the building we were marketing did not reflect these market rental rates. As such, to achieve our ownership's goal to obtain a market sales price, we had to work to develop a strategic plan to help with two new leases at market rents to demonstrate the strength of the market. Secondly, one of the new tenants had delays with permitting for a new restaurant. They are an excellent operator and we had to work hard to provide confidence to the buyer to move forward with closing despite these delays. All in all, the different parties worked together effectively to find creative solutions to close based on their respective goals and ECR was glad to serve its brokerage role in this transaction.”

AUSTIN, TX—Working side by side with ownership, a detailed marketing strategy was devised for a mixed-use asset in preparation for sale. Upon underwriting the property at 529 W. Oltorf to determine the best sales price, exclusive marketing broker ECR found that additional leasing at market rates needed to be achieved to meet the clients' goals.

The marketing broker, working in tandem with the leasing team, was able to assist in filling the vacancies in the transitioning retail area which has included converted properties of this type in recent past. The medical/retail building gained a stabilized rent roll with two new tenants at above-market rental rates. The team utilized existing restaurant improvements to attract another food-service user capable of paying above-market rates.

The asset was re-introduced to the market through a direct call, email and web marketing campaign targeting prospective buyers. This improved the long-term viability of the site at the prominent intersection of Oltorf and South 1st Street in the recent sale process.

The ownership's goals were achieved by receiving several qualified offers. Ultimately, the sale was executed with an undisclosed buyer who routinely purchases assets of this profile. ECR maximized the sale price through its strategy with one contract and closed on the property within 45 days.

Matt Levin of ECR tells GlobeSt.com: “This investment sale was interesting for several reasons. First, the area is quickly transforming with many properties being converted into higher and better uses. However, the majority of the rental rates in the building we were marketing did not reflect these market rental rates. As such, to achieve our ownership's goal to obtain a market sales price, we had to work to develop a strategic plan to help with two new leases at market rents to demonstrate the strength of the market. Secondly, one of the new tenants had delays with permitting for a new restaurant. They are an excellent operator and we had to work hard to provide confidence to the buyer to move forward with closing despite these delays. All in all, the different parties worked together effectively to find creative solutions to close based on their respective goals and ECR was glad to serve its brokerage role in this transaction.”