Naomi Brown, CCIM was pleased to represent the sale of 110 Agnes Street in Harrisburg, Pennsylvania.
Background
110 Agnes St was a 24,000 SF industrial investment property. The current tenant had been in place for over 15 years on a net lease, with 2 years and a 5-year option remaining on their current lease.
The owner had held the property since its development in 1985, and kept the property very well maintained over the past 40 years. However, they were ready to retire from being a landlord, and wanted to sell the building.
Listing Period
The seller elected to work with Naomi Brown as they knew we had completed good work for other members of their family. They felt confident that we could get them a good price for the property they had so carefully owned.
The property was officially listed for sale at the beginning of January. It was challenging for potential buyers to overcome the fact that the lease was a flat rate for over 8 years. Naomi was able to provide lease comps showing that the eventual increase in rents would be viable in the future, helping to build confidence in the value of the building.
Sale
As Naomi was working with the seller, Matt Hoover, also of the Capstone Commercial team, was working with a buyer to find a suitable property for their 1031 exchange. When Naomi presented the listing to our team, Matt knew it would be a fit. He and his clients put together a strong offer that beat out the competition, and the property officially went under contract in early March.
There was uncertainty about whether the tenant would renew their lease or not. We were able to help carefully work out the plan, while ensuring the tenant still felt respected. The tenant was happy that we had communicated clearly, and in turn provided as much clarity as they could on their future plans at that property. Thankfully, even through the twists and turns, the buyer and tenant both felt comfortable with the result.
Results
The seller was very happy that we helped to secure a cash buyer with a very solid offer, and they did not have to provide seller credit to make the transaction happen.
Naomi was always prompt at answering my questions, and was pleasant to work with. We were happy that we had multiple offers, and Naomi helped us get a better price during due diligence, too.
110 Agnes St Sellers
Are you looking to purchase or sell a commercial investment property? We’ve represented properties with units counts in the single digits, properties and portfolios with hundreds of units, and everywhere in between. Capstone’s collaborative atmosphere and extensive network means that we can connect you with properties that fit your investment goals, often before they’re publicly listed for sale. Call our advisors today to get started with your search.
