In January 2020, Bradford was awarded the leasing/disposition assignment of 701 E. Interstate 20, a vacant 26,552 square-foot office building, situated on 4.85 acres, with exceptional freeway frontage.
Lakeland West Capital acquired the vacant asset in March 2018 and engaged a competing brokerage firm to market the property.
Prior to Bradford taking over the assignment, 701 E. Interstate 20 sat vacant, marketing activity had become stagnant, and the property had accumulated a lengthy list of deferred maintenance items.
The Solution
Realizing the re-development potential of the property, Bradford implemented a marketing campaign that highlighted the flexible zoning and potential for uses other than office to capitalize on the accessibility and prominent frontage along IH-20.
Using extensive market knowledge and confirmed sales comparable, Bradford was successful in obtaining a price adjustment for the asset, positioning it to be more in line with the overall market, resulting in an uptick of activity from qualified buyers.
Understanding the potential concerns from prospective buyers related to condition of the asset and potential costs of deferred maintenance, Bradford successfully lobbied ownership to complete a detailed property condition assessment and Phase I ESA, which could be provided to qualified prospective purchasers prior to entering into a purchase agreement.
The Results
Within 180 days of taking over the assignment, Bradford had received multiple qualified offers to purchase the property.
In October 2020, Bradford negotiated a purchase agreement between Lakeland West Capital and an entity for Frank Kent Motor Company, resulting in a successful sale 40 days after full execution of the PSA.
The terms of the final purchase contract reflected a sale price which was 92% of the adjusted asking price.
Frank Kent Motor Company demolished the existing building shortly after closing and will construct a new auto dealership on the 4.85 acre site.
