Garden Office Interest Remains in High Demand

Challenge

The primary challenge faced was the size of the building, measuring approximately 1,550 square feet. In the current market conditions, it was difficult to find potential buyers, particularly small businesses with fewer than 5-7 employees, interested in purchasing a property of this size. Additionally, the lending environment was tight, with high-interest rates posing further obstacles to potential buyers.

Actions

To address these challenges, an outreach strategy was implemented targeting a diverse range of potential buyers. This included reaching out to a list of investors, office prospects, and commercial real estate brokers in South Louisiana. The goal was to cast a wide net and attract as many interested parties as possible. Additionally, efforts were made to highlight the property's strategic location in the Bluebonnet office corridor and its suitability for owner-occupants in the professional office sector.

Results

• Received multiple offers within a few weeks of putting the property on the market, indicating strong interest from potential buyers.
• Successfully transacted on the sale within 9% of the list price, demonstrating effective negotiation and deal execution despite initial market challenges.
• The property's sale showcased its appeal and value proposition, even in a market dominated by larger commercial properties.

Testimonial

"I was impressed by the proactive approach taken by Justin and his team. Despite the challenges posed by market conditions, he managed to attract multiple interested parties and negotiate a favorable deal for me. The transaction was smooth, and I was thrilled with the outcome."
- Linda Rodosta, Financial Advisor