Case Study
Destination Pet
Destination Pet
4141 FM 1461, McKinney, TX
- Property Type: Healthcare
- Size: 5,760 SF
- Date Closed: 03/18/2022
Challenges
- There was a pending condemnation notice from the Texas Department of Transportation that was affecting the ability to get an accurate survey of the property
- The buyer was in a 1031 exchange and was working on tight timeline
- The existing practice was recently acquired by a larger operator and there was some turnover in staff that was making the transition more difficult than expected
Solutions
- Quantum worked hand-in-hand with an attorney to get the city plans for the highway expansion to ensure an accurate survey was done before closing
- Quantum educated each buyer about the incredible success the vet practice had and explained the strong void it was filling in the community; hence, the tenant would be able to pay rent per its schedule and fulfill its duties over the course of the lease term
Results
- Quantum cleared the market and brought in multiple offers allowing the seller to qualify each buyer and ensure they selected the most reliable group to close
- Quantum was able to sell the asset over asking price while also having multiple back-up offers if the selected buyer was unable to perform
- We successfully met the timeline to satisfy the buyer’s 1031 exchange
- The seller achieved higher proceeds than previously expected which allowed him to roll those funds into a larger development opportunity