Challenges
The sale of an Aaron’s single tenant net leased property in New Orleans faced several challenges. First, the tenant was in the last few years of the primary lease term with two (2), four-year renewal options. This meant that there was uncertainty around the tenant's desire to renew the lease in the future. Second, the building was older with a flat roof and needed some improvements. This could have made the property less attractive to potential buyers. Third, a portion of the ownership group included minors that inherited the property, which could require a lengthy court process to sell.
Actions
Despite these challenges, Justin Langlois and the team at Stirling Investment Advisors (SIA) were able to successfully market and sell the property. The first step SIA took was to quickly put together an offering memorandum and place the property on multiple CRE syndicated websites. This helped to generate immediate interest from potential buyers.
Once the property was under contract, Justin helped the seller navigate the Tutorship Sale process. This was a complex process, but Justin was able to work with the closing attorney to achieve a successful outcome.
Results
Within two (2) weeks of marketing the property, SIA received three (3) offers. The property was ultimately sold at 100% of list price in an all-cash sale. This is a testament to the expertise and dedication of the SIA team and the type of buyers SIA brings to the table. The seller and SIA were able to overcome a number of challenges and achieve a successful outcome.
Testimonial
"Justin Langlois and the team at SIA did a fantastic job selling our single tenant net leased property in New Orleans. Justin was able to help us overcome a number of challenges. He was also able to help us navigate the Tutorship Sale process quickly and efficiently. We were very pleased with the results and would highly recommend Justin and the team at SIA to anyone looking to sell a commercial property."
- Andrea P.