COMMERCIAL REAL ESTATE

Flex Space Property Sale

Mitch Doner, Commercial Real Estate Broker and Vice President, Director of Asset Resolutions at Bradley Company Indianapolis office
Vice President & Director of Asset Resolutions | Managing Broker
Services Provided
Seller Representation
Statistics
± 9,724 SF on ± 2.33 AC
Client
Private Commercial Real Estate Owner

Client
Case Study

6250 S. Belmont St.

Indianapolis, IN 46217

Background

Mitch was engaged to divest a former flex building that had been converted to office space in its entirety by an outgoing Tenant. The property owners were based out-of-state and were desiring a broker to oversee the transition of occupancy as well as procure an able party to acquire the asset.

Strategy

The property owners engaged Mitch to arrange and execute efforts to find a prospective buyer for the property before or immediately soon after their current Tenant vacates the property. The current Tenant converted a building that was comprised mainly of warehouse space to one of office space throughout, even though the property is situated within a market that then and now is more supportive of warehouse space rather than large blocks of office space. The task at hand was to create a market need in the immediate vicinity for an upscale office building that could be retrofitted to flex/warehouse space while also finding a prospective buyer comfortable with acquiring said building at a higher cost than most nearby flex/warehouse buildings.

Results

After the offering was on the market for less than forty-five days, Mitch was able to find a prospective buyer that was in the market for a similar building and was willing to be comfortable with the price level that was being asked. The buyer had a strong need for a larger building, but much less parking than the current building featured. The buyer proposed that they build an addition to the building on the large parking lot that existed at the rear of the building, then expand upon the parking lot at the front of the building to make up for the lost parking at the rear. After the building was placed under contract, Mitch assisted the Sellers with off-boarding the current Tenant, then facilitating the closing of the transaction via a thorough and meticulous, yet efficient due diligence process in less than 2.5 months after execution of the purchase contract.

“Over our 50 years of buying and selling numerous properties, we can honestly say that Mitch is the only REALTOR® that we can remember who is truly interested in selling the property and not just interested in getting a listing. As Sellers, he has always been available each and every day to answer any questions we might have and always gets back with us in a short period of time, day or night. In our opinion, Mitch has gone above and beyond the responsibilities of a REALTOR®. We highly recommend and fully endorse Mitch for selling/buying properties.”
– Don S. & Karen S. – Mike M. Senior Vice President & Senior Commercial Banker, WesBanco Bank, Inc.

STRATEGY

RESULTS

After the offering was on the market for less than forty-five days, Mitch was able to find a prospective buyer that was in the market for a similar building and was willing to be comfortable with the price level that was being asked. The buyer had a strong need for a larger building, but much less parking than the current building featured. The buyer proposed that they build an addition to the building on the large parking lot that existed at the rear of the building, then expand upon the parking lot at the front of the building to make up for the lost parking at the rear. After the building was placed under contract, Mitch assisted the Sellers with off-boarding the current Tenant, then facilitating the closing of the transaction via a thorough and meticulous, yet efficient due diligence process in less than 2.5 months after execution of the purchase contract.

“Over our 50 years of buying and selling numerous properties, we can honestly say that Mitch is the only REALTOR® that we can remember who is truly interested in selling the property and not just interested in getting a listing. As Sellers, he has always been available each and every day to answer any questions we might have and always gets back with us in a short period of time, day or night. In our opinion, Mitch has gone above and beyond the responsibilities of a REALTOR®. We highly recommend and fully endorse Mitch for selling/buying properties."
- Don S. & Karen S. - Mike M. Senior Vice President & Senior Commercial Banker, WesBanco Bank, Inc.

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