Buyer’s Representative
Project Overview
Stockton Real Estate Advisors was engaged to represent the Buyer in the short sale acquisition of an office building on Market Street. Stockton previously owned the building and has served as property manager and leasing agent subsequent to selling the asset at significant return in 2018.
Challenges
- Former owner was in technical default of loan securing property
- Limited ability or interest to invest new capital into property
- Lender approval required for all expenditures
Key Actions
- As former owner and current property management and leasing team for the property, Stockton assisted CBRE’s marketing efforts by conducting property tours and fielding operations and leasing market questions
- Stockton represented eventual buyer of the property, helping to craft an acceptable offer
Marketing Success
- Stockton negotiated with the seller who, at the same time required approval through the lender
- Stockton led due diligence and underwriting of acquisition
- Stockton was retained by new owner for both property management and leasing services
Results/Value Creation
- Stockton has remained involved with the property for nearly a decade as owner, property manager and leasing agent.
- Initiated refurbishment of lobby and common areas upon acquisition in 2015
- Leased the property to 92%+
- Reduced operating expenses
- Managed operations through catastrophic flood
