COMMERCIAL REAL ESTATE
Green Bean Delivery | Commercial Foreclosure & Loan Workout
Services Provided
Seller Representation / Consultation in Commercial Foreclosure and Loan Workout
Statistics
± 34,610 SF on ± 5.44 AC
Client
Green Bean Delivery
Client
Case Study
5310 East 25th Street
Indianapolis, IN 46218
Background
Mitch was engaged to arrange the disposition of a flex building and the business assets contained within it as the primary and final component of a business closure and liquidation. At the request of the primary secured creditor, the property owner contracted with Mitch within a week of the closure of the business operations to administer the sale of the real estate and the business assets while market conditions were still somewhat favorable. Mitch was tasked with marketing the real estate for sale in a manner that would satisfy (2) secured creditors, (1) legal proceeding, and a handful of other vendors so that the business owners would not have any trailing matters become obstacles after the final wind-down of the business.
Strategy
Shortly after Mitch was engaged by the property owner, he was tasked with assisting the property owner with determining his anticipated net financial position after organizing and satisfying his business obligations. Mitch volunteered to operate as a gatekeeper to further collection efforts from other vendors (as a result of the closure of the business) as well as to assist with the transfer of utility accounts and closure of other business-related units. Mitch was then tasked with the primary objective of marketing the real estate to creditworthy prospective Buyers that would be willing to acquire the real estate in as-is, where-is condition. In a market where financing conditions were the component that was affecting the market in the most impactful way and where the subject property was the asset type in the highest demand, it was of utmost importance to develop a solution that limited the timeline to the consummation of a purchase/sale transaction.
Results
After deploying an aggressive marketing strategy once marketing materials were composed, Mitch fielded (46) inquiries from qualified prospects and then conducted (18) on-site in-person property tours to solicit (2) creditworthy, competing top-of-market Offers to Purchase, all in the first (35) days of market exposure. As a result, Mitch was able to present an Offer to Purchase to his Client from a creditworthy local investor that already had a proposed Tenant interested in occupying the entirety of the property. Additionally, the proposed Buyer was willing to absorb the responsibility and ownership of the remaining business assets, to save the Seller the cost of liquidating said assets. After working with many vendors involved in the due diligence process, a consummation of the purchase/sale of the property occurred (112) days after going under contract. The process resulted in fully-satisfying both secured creditors, the primary legal proceeding, and many of the Seller’s vendors.
Owner, Green Bean Delivery
“Mitch is a true professional…Our deal was unique as it was a wind-down and liquidation. It also involved secured creditors. Mitch helped me show each secured Lender their positive position early on during the sale process. He gives his Clients (and their partners) great confidence along the way and is an expert at the closing procedure. He goes above and beyond to help his Clients and his communication is always on time and thorough. His vast portfolio and reputation in the industry prove fruitful when completing real estate transactions. You will find no one in the business of real estate that serves his Clients better than Mitch. I would recommend Mitch to any business professional looking to sell or purchase commercial real estate.”– Matt E.
Owner, Green Bean Delivery
STRATEGY
RESULTS
After deploying an aggressive marketing strategy once marketing materials were composed, Mitch fielded (46) inquiries from qualified prospects and then conducted (18) on-site in-person property tours to solicit (2) creditworthy, competing top-of-market Offers to Purchase, all in the first (35) days of market exposure. As a result, Mitch was able to present an Offer to Purchase to his Client from a creditworthy local investor that already had a proposed Tenant interested in occupying the entirety of the property. Additionally, the proposed Buyer was willing to absorb the responsibility and ownership of the remaining business assets, to save the Seller the cost of liquidating said assets. After working with many vendors involved in the due diligence process, a consummation of the purchase/sale of the property occurred (112) days after going under contract. The process resulted in fully-satisfying both secured creditors, the primary legal proceeding, and many of the Seller’s vendors.
"Mitch is a true professional...Our deal was unique as it was a wind-down and liquidation. It also involved secured creditors. Mitch helped me show each secured Lender their positive position early on during the sale process. He gives his Clients (and their partners) great confidence along the way and is an expert at the closing procedure. He goes above and beyond to help his Clients and his communication is always on time and thorough. His vast portfolio and reputation in the industry prove fruitful when completing real estate transactions. You will find no one in the business of real estate that serves his Clients better than Mitch. I would recommend Mitch to any business professional looking to sell or purchase commercial real estate."- Matt E.
Owner, Green Bean Delivery
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