Challenges:
Selling a 214,000 SF grocery-anchored shopping center in Jackson, Mississippi came with significant hurdles. Investor skepticism about the Jackson market was a major barrier to generating competitive demand. Additionally, the property’s size and vacancy risk created underwriting challenges for many buyers. To complicate matters further, after initially securing a buyer, the deal fell out of contract and risked collapsing entirely.
Actions:
Beezie Landry and Justin Langlois led the investment sales team and launched a national marketing effort, drawing interest from investors across the country. A total of five qualified offers were received from regional and national buyers, giving the team leverage to conduct a competitive “Best and Final” process. When the first contract fell apart, Landry and Langlois stepped in, collaborating directly with the buyer’s broker and the buyer to re-structure terms, address concerns, and bring the deal back to life. This effort was only possible because of the collaboration of multiple Stirling service lines—property management, asset management, accounting, and leasing (with Allen Carr of NAI UCR)—all of which played a role in packaging and supporting the transaction.
Results:
The property ultimately closed at a low double-digit cap rate, delivering strong value despite market headwinds. Five offers from regional and national buyers validated the asset’s strength, while reviving a terminated contract showcased the team’s persistence and problem-solving skills. This transaction highlights Stirling’s ability to (1) leverage all internal service lines to add depth and credibility to an offering, and (2) relying on Beezie and Justin’s deal-making expertise to overcome obstacles. Even in a challenging market like Jackson, the right strategy, collaboration, and execution can drive a competitive outcome for our clients.
Testimonial
"Beezie, Justin and the entire Stirling team went above and beyond to get this deal across the finish line. Their persistence, creativity, and collaboration gave me confidence that the property was in the right hands."
- Jimmy Maurin