Challenges:
The sale of Deville Plaza presented several challenges. A significant portion of the property—46,245 square feet previously occupied by Stein Mart—was vacant, creating a substantial obstacle in attracting buyers. The property also faced limited long-term tenant commitments, making it difficult to position as a stable and low-risk investment. Additionally, the auction format eliminated the option of a due diligence period after the property went under contract, requiring buyers to complete their evaluations beforehand. This constraint reduced the buyer pool to those willing to accept the associated risks.
Actions:
To address these challenges, the team took a proactive and strategic approach. They responded to a high volume of inquiries, managing countless emails, calls, and in-person tours to ensure that all prospective buyers had access to the necessary information. Leveraging their extensive network of retail investors, the team reached out to previous clients and industry contacts, driving additional interest in the auction. They also served as a central point of communication, facilitating a smooth due diligence process and instilling confidence in the bidders.
Results:
Testimonial
"Working with Justin Langlois and his team is always a fun experience. They consistently take the heavy lifting off my plate and manage aspects of the sale process with professionalism and precision. This transaction was no exception – surpassing expectations and delivering a great result."
- Spencer Ruberti, Hilco Global