Suntrust Bank acquired title to a REO office / retail building in a prime location in Naples, Florida. The asset was 50 + years old and suffered functional obsolescence that made leasing very difficult. The building was only able to maintain 30% occupancy. The client wanted to sell the asset quickly in spite of the vacancy.
Commercial Property Southwest Florida saw a different scenario. Instead of an old building that could not keep tenants, we saw a land play on a prime corner. We recommended a short term reduced rent lease plan to create interim cash flow while plans were completed for a redevelopment of the asset. With an income stream in place, we approached developers and land bankers who received the opportunity with enthusiasm.
Two cash offers were received at a price level far in excess of the client’s original expectations. By repositioning the focus from capitalized income to land value, the entire outcome of the assignment was quickly impacted to the better.The client accepted our recommendations on a pre-qualified buyer and the sale closed on April 1, 2010.
- "Our relationship has been a great personal and business asset to me in more ways than one. It was good to know that you were always there for us with great wisdom, kindness and concern for our well-being." ~ T. Brady
- “Gretchen - I would like to take a moment to send you a Thank You for all the assistance that we received from your Cushman and Wakefield office. This was our first brick and motor location and your entire team was awesome to deal with! ” ~ Roy Yonkers
- “Pam and Tammy, Thank you for all of your efforts on our behalf this year. You have helped make 2016 a banner year for the Asset Disposition Team at Fifth Third and I greatly appreciate all that you have done.” ~ Clyde Measey