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When faced with the challenge of selling a vacant Winn-Dixie grocery store in Walker, Louisiana, the team at Stirling and JLL leveraged its extensive valuation knowledge for vacant big box stores, leaned on our expertise in handling retail vacancies exceeding 50,000 sq. ft., and utilized its extensive buyer database to achieve remarkable results.
Challenges
The primary challenge was marketing and selling a large, vacant retail space that once housed a Winn-Dixie. The property included a 59,500 sq. ft. former grocery store situated on 6.36 acres of land. The building required a new roof and a significant amount of work to the interior premises, adding to the complexity of the project. The commercial real estate market in Livingston Parish, Louisiana was highly competitive, with other properties vying for attention from potential buyers.
Actions
The team at Stirling and JLL conducted in-depth market research to understand local and regional property values for similar assets and the potential for repurposing vacant big box retail spaces into a multi-tenant retail center. In lieu of the current owner sinking money back into the project, the team at Stirling and JLL recommended that the seller sell the asset “as-is.” Leveraging its extensive database of commercial real estate buyers, JLL and Stirling crafted a comprehensive marketing strategy. This included online listings, targeted email campaigns, and outreach to our network of brokers and investors.
Results
Within ten (10) days of listing the property for sale, the team received four (4) offers to purchase the property, demonstrating the effectiveness of Stirling and JLL’s marketing efforts and the property's desirability. The team’s expertise in negotiation, market analysis, and knowledge of the area allowed the seller to secure a sales price that exceeded the list price. The seller was not only pleased with the final sales price but also the speed and efficiency with which the transaction was handled.
Testimonial
"Working with Justin Langlois at Stirling to sell our client’s vacant Winn-Dixie was a game-changer. Justin’s knowledge of the local market and expertise in handling big box retail vacancies were evident from the start. Within days of listing the property, we had multiple offers, and the final sale price exceeded the client’s expectations."
- Donna Kolius, CCIM, Executive Vice President, JLL, Portfolio Disposition Services