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March 11, 2016

Challenge – Compounded!

“I need to sell my building by this date!”

That was the urgent challenge the owner of a medical building in Romulus gave to Steven Valli and Frank Rakipi of the Thomas Duke Company.Blog Wayne Photo

The owner had leased the 7,000 square feet of space to a national tenant for ten years. In the ninth year, the tenant pulled out. Worse yet, the owner’s mortgage was tied to the building’s occupancy. Without a tenant in the building the lender would call for the note to be paid in full. Compounding matters further, the space had been specifically built and fitted for the medical tenant.

A daunting challenge! But we rolled up our sleeves and set to work aggressively marketing the property. Soon we had procured several offers. We took them to the seller and presented him with the advantages and disadvantages of each. As soon as he had selected the offer with the best price and terms, we began working out the details for an efficient closing. We closed on the sale 65 days later, 45 days before the seller’s loan came due.

Every transaction poses its own unique challenge—or several of them! Call us for a creative approach to solving your real estate puzzle.

 

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