Turning an asset sale into a reinvestment strategy
A seven-story building, a completed $7.5 million sale and a coordinated replacement-property acquisition strategy.
Where the work began.
The owner needed to understand the potential of a nonconforming wood-framed building, navigate structural and code issues and connect a disposition with the next acquisition opportunity. The transaction also required negotiated lender payoff and collateral-release terms.
Understand the property’s options
Evaluated highest and best use, including residential conversion, and sourced, bid, negotiated and contracted structural engineers and code consultants.
Coordinate the code framework
Worked with Planning, Building & Safety and Fire on a renovation and code-compliance framework that informed the property’s options.
Execute the disposition
Led buyer due diligence through the completed $7.5 million sale and negotiated lender payoff/carve-out terms.
Carry the capital strategy forward
Developed the multi-property 1031 exchange strategy supporting Vermont Phase 2. Identified replacement parcels, located owners, negotiated pricing and coordinated due diligence, bank/loan requirements and escrow through completed acquisitions.
What the work established.
The 722 South Broadway sale closed at $7.5 million. The work also carried through completed Vermont Phase 2 replacement-property acquisitions and the 2017 CRA purchase, connecting disposition, lender requirements and reinvestment. The retail-development renderings show the proposed vision.
A closer look.
Bring your project into focus.
Let’s talk about where you are, what is standing in the way and what it will take to move forward.