Competitive Bid Results in Above-Asking Sale of Shopping Center

Challenges

The owner of Pineville Crossing Shopping Center engaged Justin Langlois at Stirling to sell a multi-tenant retail center in Central Louisiana. At the time of the sale, the shopping center was not fully occupied, existing leases were expiring soon, the center was in a rural area, and the client wanted to achieve a quick sale.

Actions

Justin Langlois and his team at Stirling prepared an opinion of value that was aggressive enough to attract a large audience of buyers while allowing a future owner to take advantage of improved cash flows over time. Langlois marketed the property to a wide range of potential buyers, including both local and out-of-state shopping center investors. He worked closely with the client to answer any questions that potential buyers had about the property.

Results

• The property was sold in just 57 days
• Justin and his team secured 72 signed confidentiality agreements as well as multiple offers
• The new owner was a local investor who was looking to expand his CRE portfolio
• The property sold above asking price through a competitive bid process

Testimonial

"I was very pleased with the way that Justin Langlois at Stirling handled the acquisition of my shopping center. Justin was very professional and efficient. He answered my questions and was quick to respond to my emails and texts. I would highly recommend him to anyone who is looking to sell a commercial property." – Mohammad Zeibo