Case Study
Overview
Foundry Commercial represented a national non-profit client who wanted to sell their office building and adjacent parking lot on Music Row.
Location
Nashville, TN
Foundry’s Investment Advisory Group (IAG) represented a national non-profit client who was looking to sell their 27,000 SF four-story office property and adjacent parking lot located on Music Row, just west of downtown Nashville, as the client was planning on relocating to another property. The property was in a highly desirable location, and was prime for redevelopment.
CHALLENGES:
The sellers had received interest from the surrounding property owners over the course of several years, with offers that were below the seller’s target pricing. The sellers were looking for guidance on how to ensure they were extracting the highest possible value for the property, and evaluating the different interest received.
STRATEGY:
- Foundry understood the client’s mission and goals, and developed a strategy to create competition for the property to drive up the value.
- Foundry compiled a targeted list of likely owner/users and developers and proactively contacted groups while also promoting the opportunity on multiple national platforms.
- Foundry created custom marketing materials to our best-in-class brand standards, highlighting the property’s irreplaceable location.
- Foundry executed a seamless launch to market, broadly exposing the property to both owner/ users and developers which generated significant interest in the property.
RESULTS:
- Foundry managed a competitive bidding process receiving multiple offers within the first 30 days of marketing.
- Foundry helped the client evaluate each offer and conducted buyer interviews to help qualify each investor’s interest and ability to close.
- The result was a successful closing and achieving a purchase price over $3M higher than the seller’s original targeted pricing expectation, and over $5M higher than the initial offers received prior to bringing the property to market.