Details & Info
2901-2905 Main Street, Santa Monica, CA
Tenants: The Coffee Bean & Tea Leaf and Sam’s Bagels
Challenge
The property included two one-story buildings with parking, outdoor space and existing retail tenants. A family death shifted the asset, with a stepped-up basis, to the third generation of ownership. Now with too many owners for the rents to be beneficial and individuals with immediate needs for sales proceeds, there was a desire to quickly dispose of the asset. The market environment, however, was over-priced. Properties were starting to sit for longer periods and there was growing concern of future price reductions.
Solution
- Speed to market: presented client with fully drafted marketing package and website at pitch meeting.
- Focused on value beyond per foot comparisons and basic cap rate analysis, including retail trends, neighborhood amenities, and transportation modalities, as well as the unique strengths of the corporate leases.
- Built momentum around the property with a phased marketing approach beginning with a targeted portion of our proprietary Advanced Look List.
- Encouraged non-contingent offers by providing third party due diligence reports.
Result
- Obtained price target with competitive terms in record time.
- Created more value and justified price for buyer by verifying, before listing, that the property square footage was larger than indicated in public records.