Some things in life just aren’t for sale. Nearly all investment real estate, however, is. Nearly.
In the spring of 2021, a client asked Jon Norton to lease a 3,000-square-foot unit in the shopping center she owned in Rochester Hills. Quickly a local business owner stepped forward. Not only did he want to occupy the unit, he wanted to buy the whole center!
And his terms were impressive: He promised to do his best to retain the center’s longtime, neighborhood tenants; to perform years of deferred maintenance; and to purchase quickly at top dollar—in cash.
But the owner hesitated. Listening to her, Jon learned that the shopping center had been in the family for more than 40 years. It was filled with family memories and gave her a sense of security.
With guidance from company founder Tom Duke, Jon helped his client see the shopping center with a fresh and current perspective. He pointed out the tax liabilities—present and potential—and, in comparison, the high price of the offer, plus the buyer’s good will for the property.
With Jon’s patient consideration for her, the client saw the offer was indeed in her best interest. She consented to sell what had not been for sale. The buyer kept all his promises, and the seller is truly pleased with her decision.
To learn how the Thomas Duke Company delivers the best results for its clients, no matter the starting point, contact us today.
