Remove a deed restriction, add a deed restriction, and close the deal in two weeks. Those were just some of the circumstances facing Thomas Duke Brokers Frank Rakipi and Steve Valli Just before the New Year. The seller tasked the Thomas Duke Company with selling a former PNC Bank Branch for one of the highest price per-square foot values in the area; and in mid-December, the brokers did just that, attracting another bank looking to add a branch in the area.
Challenges? The site was encumbered by a deed restriction against bank use. To complicate matters, the seller, who owns a nearby gas station, would only sell the property with a second deed restriction against fuel sales. With the clock ticking toward the end of the year, the Duke brokers got to work negotiating the modification to the deed restrictions, coordinating due diligence activities and brining the deal to the closing table. The result: a cash sale for 98% of the asking price which closed on December 28th 2018.
Commercial real estate transactions often involve a variety of obstacles and variables. Working with an experienced brokerage team who understands how to overcome these obstacles can be the difference between closing the deal and having it fall apart. For more information on this transaction or to discuss your property, call Frank Rakipi or Steve Valli at 248-476-3700.
