In March 2018, Bradford Commercial Real Estate Services, Inc. procured the exclusive listing assignment to sell 635 Fritz Drive, a 2-story 37,069 square-foot, 85%-leased office building, well-located within DFW Freeport, a 550-acre business community in close proximity to Dallas-Fort Worth International Airport, on behalf of the International Association of Venue Managers, Inc. (IAVM).
The project team determined maximum value would be achieved through a marketing program targeting owner/user purchase candidates, specifically prospects with an existing footprint DFW Freeport, those leasing office space within close proximity to the property, and existing tenants at 635 Fritz occupying 5,000 RSF+.
The property was marketed on a “call for offers” basis in order to
a) produce multiple, qualified offers
b) push value through competing offers and
c) streamline the multi-step transaction process to ensure efficient and timely closing. In addition, all prospective buyers were encouraged to incorporate a flexible lease back option for the seller in their initial offer.
The initial call for offers deadline resulted in eight (8) qualified purchase offers, of which five (5) were selected for submission of “best and final”. Ultimately selected buyer was an existing tenant within the building.
The marketing period for offer review and final selection lasted less than 58 days, with the transaction closing 64 days thereafter, for a total period of 4 months start to finish.
The terms of the final purchase contract reflected a sale price which was 96% of the maximum market price outlined in our initial valuation model. In addition, we were able to secure a 36-month lease back term, at a competitive market rate, inclusive of an early termination option without monetary penalty, on behalf of the seller.
