Our client owned a shopping center and had been eyeing the free standing net leased pad neighboring his center. During his tenure as owner of the center, the pad had never been made available for purchase. He then sought out the expertise of our team to assist him in finding the true owner of the pad and to help him make an educated offer on the parcel.
The project began with our research team, who employed various techniques and tools in order to find the true owner of the retail pad. Once the owner and his broker were located, our team and the client began the due diligence period. At this point we were able to identify that the tenant in the pad was paying below market rates. This gave the property an inherent value that was greater than the current capitalized lease value and we were able to put forward an aggressive offer for the property.
By performing proper due diligence and submitting an offer in line with our client’s motivation and ability to buy we were able to outbid other offers that had been submitted to the owner. Our client was able to acquire the property for what they believed to be a fair price and still owns the retail pad to this day.
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