Congratulations to our CRE team for the recent $95M financing of the iconic Flatbush Sears. Ilana Druyan, David Kesselman , Jacob (JJ) Weinstein https://lnkd.in/eHairb7D
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Congratulations to our CRE team for the recent $95M financing of the iconic Flatbush Sears. Ilana Druyan, David Kesselman , Jacob (JJ) Weinstein https://lnkd.in/eHairb7D
Congratulations!
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🎗 SOLD 🎗 Two industrial properties sold in Alliance, OH. Tom Jackson and I represented the seller in this transaction. Big shoutout to Josh Horning from Re/Max who represented the buyer for one of the buildings, and Lisa Trummer who represented the buyer for the other. This was an interesting transaction. When we listed these properties, they were on the same parcel. They were newer construction and in fantastic condition - a desirable pick up for somebody, right? One of the buildings housed a tenant who occupied all three bays. Making him the obvious buyer. Only problem was he had no desire to be a landlord, and only wanted to purchase his building. Another problem was that investors were underwriting these buildings below what the seller wanted. So we rolled the dice and decided to split the parcel, believing that we could sell the buildings for more money separate rather than together. In the middle of this process an aggressive buyer in a 1031 Exchange came along and purchased the other property for a slightly higher price than the owner occupied property. This was not the way we had anticipated this transaction going, but the deal got done, and the seller was happy. Do you need to sell your commercial property? Mobile: 330-933-6349 Email: joe@naispring.com #CRE #1031Exchange #OwnerUser
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Avison Young Facilitates Refinancing for Retail Condo in Upper East Side Read the full article below..
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"Finmarc Sells Northern Virginia Building for $16 Million" Read the full article below..
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Monarch Commercial Advisors successfully closed escrow on a Rite Aid within a larger shopping center in Maywood, CA. Despite the retail sector outperforming other major real estate categories, some retailers have faced significant challenges, with Rite Aid's bankruptcy being a prominent example. Nevertheless, our team skillfully navigated the complexities of the situation, facilitating an off-market sale of this Los Angeles Rite Aid to an all-cash 1031 buyer during the bankruptcy proceedings. Key Takeaways: Relationship Longevity: The property was bought by a broker buddy that I worked on a deal with back in 2006 when we were both at Marcus. We have stayed in touch over the years and it was great to match him up with this deal. Smart Bankruptcy Strategy: Rite Aid came to my seller early in the bankruptcy process and asked for a big haircut on the rent. We stood firm because the store's sales are high volume, even though it had seen a decline in upkeep in recent years. Rite Aid kept the lease through the bankruptcy proceedings and we were able to fortify value. Felt like a game of Texas Hold 'Em the whole time. Deep Rolodex: We called on additional resources outside of our real estate relationships to navigate our decisions to hold the lease and ultimately sell. We talked to bond traders, bankruptcy attorneys, and investment bankers to get real time information that led us to our decisions. Bankruptcy certainly changes the valuation on a retail asset. In some cases, it can unlock value, as it did in this deal
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Another success story. This Middleton property, repossessed by lenders, just required a little TLC. ✔️ Purchased in auction well below market value, 😎 Swiftly refurbished with a tenant in situ, 💲💲 Doubled the rent, 💯 Just got a great bank valuation. Another success story, Ready for the next one.... #propertyinvestment #propertyfinder
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One of the best deal stories in my career just closed last month. It was a 49 unit building in West New York, NJ listed for $16.5M. Seller was highly motivated (started with a cold call 4 years ago). My mentors told me at the time that this seller was a big waste of time and not worth the follow up (I decided to follow up). Seller needed to 1031 into a NNN for cash flow to live out rest of his life management free. Brought on the top NNN lease agent at Matthews Chad Kurz to do his thing on that side. The most motivated buyer on the sale & highest offer was from a local who didn't have enough cash to close since he just bought another building. ~ Solution? He decided to hire me exclusively to sell two of his buildings for $6.1M. That would allow him just enough cash to 1031 into my deal. ~ The Task: Putting an OM together, setting up tours, generating several offers to create some competition and have a contract signed with one buyer all within 2.5 weeks. Oh and to top it off, they both had to close within a week of the the purchase, so there was enough time to 1031. Was it possible? See below for the Transaction Highlights and click the link to read the full Case Study. Link to case study --> https://lnkd.in/eiRKrXyX Transaction highlights: ~ Sale price: $15,585,000 ~ 1031 exchange with both the buyer and seller ~ 3 total transactions ~ 17 total offers ~ 60-day closing on all three (closing dates within 7 days of each other)
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Real Estate and Solar Entrepreneur - I Help Realtors and Solar Consultants Exponentially Grow Their Businesses
✅ David Spencer, an advisor at eXp Commercial, successfully closed an $87 million acquisition deal involving five self-storage assets in Greater Tampa and Stuart, Florida. This transaction took around 4-5 years to complete, reflecting the power of long-term commitment in real estate. ✅ The deal comprises of over 3,433 self-storage units and an area exceeding 346,000 square feet, a testament to David Spencer's expertise and the potent tools and technology offered by eXp Commercial to its advisors. ✅ This significant deal by eXp Realty signals the future of real estate, emphasizing the importance of patience, strategic planning, and the incorporation of diverse assets such as RV parking and retail. Through transactions like these, eXp Realty continues to reshape how virtual brokerages can make high-value transactions in the industry. In our ever-evolving real estate world, the successful $87 million acquisition of self-storage assets in Florida by eXp Commercial advisor, David Spencer, underscores the importance of long-term commitment, strategy, and adaptability. With over 3,433 self-storage units and an area exceeding 346,000 square feet, this significant investment speaks volumes about the potential and capabilities of eXp Realty. As it reshapes the industry's perception of virtual brokerages, it also paves the way for future high-value transactions, offering an innovative template for diversity and comprehensive investment. Contact me for more information on eXp Realty. 🏡💼📈
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Sales and leasing in commercial real estate require strategic approaches and detailed agreements. Our latest blog post explores essential strategies for successful transactions, from market analysis to leasing agreements. Whether you're buying, selling, or leasing, the Onward Real Estate Team at Keller Williams is here to guide you every step of the way. Read more on our blog! #CommercialRealEstate #CRE #OnwardRealEstate #PropertyLeasing #RealEstateStrategies #MarketAnalysis https://lnkd.in/gZ6c2JZ9
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This one is special... this one is unique. Sold as part of a 4 pack of deals in two different marketplaces, the execution of these 4 assets requires a rare deal team. At MMG Real Estate Advisors, we have made a specialty out of multi-market portfolio sales. How? Our approach to doing the business as a single team across the entire country allows us to handle these type of transactions as if they were all located in the same area. Without our setup, these transactions would be impossible as they would be divided and executed by multiple teams with no cohesion. To understand our difference, you must understand the traditional approach. Reach out today to allow us to explain the New Era of Real Estate transactions. #teamwork
JUST CLOSED: Fairfield Village & Park Place | 336 Units | Built in 1992-1994 | Springfield, MO Our St. Louis Advisory Team is extremely excited to announce the closing of Fairfield Village and Park Place, a two-asset 336-unit portfolio located in Springfield, MO! ☑️ Very Competitive Process - 27 Written Offers! ☑️ Significant Non-Refundable Earnest Money at PSA Execution ☑️ Fannie (Fairfield) & Freddie (Park Place) Loan Assumptions ☑️ Buyer's First Acquisition in Missouri It was truly a pleasure to represent the seller in the sale of this portfolio. Congratulations to everyone involved! Daniel Wiele | Hank Hicks, Esq. | Alex Beck | Brett Meinzer | Thomas Skevington | Alex Blagojevich | Michael Sullivan
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Here's an interesting question that just popped into my noggin' regarding the recent decision against the NAR: If the new trend becomes buyers paying their agent direct and outside of escrow, then buyer’s agents may not need to be licensed any longer. After all, a company’s A&D staff do not need to be licensed to do in-house acquisitions and dispositions. So, if I’m now employed and paid directly by my buyers, does one even need a real estate license to represent those buyers? Side note: I do not do residential RE, however I spent my childhood in that world and I know many great resi agents; and while I can't stand the NAR, I do understand the value of a good residential buyer's agent and why the precedent existed with seller's paying a commission. I do not agree with what happened to NAR and I firmly believe big money was and is behind that case and its terrible outcome. There is some good in the decision, but not enough to justify the destruction of a decades old precedent. There was another way to accomplish this change. Just my $0.02. #residentialrealestate #NAR #realtors #oops
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Partner at Platzer,Swergold,Goldberg,Katz & Jaslow, LLP
3moCongratulations