Case Study
Medical Office Building
Medical Office Building
7801 Lakeview Pkwy., Rowlett, TX
- Property Type: Healthcare
- Size: 15,440 SF
- Date Closed: 06/27/2022
Challenges
- The deal was contingent upon the owner extending multiple tenant leases before closing
- The buyer was in a larger 1031 exchange and this deal satisfied a portion of it
- The previous owner neglected the property and there were multiple issues, including a foundation issue, multiple parking lot issues and several sidewalk repairs needed
- This sale was during the beginning of significant turbulence in the capital markets
Solutions
- Quantum’s team advised ownership to take a proactive approach to repairing the property on a proactive basis so that after buyer selection the due diligence period would go smoothly; contractors were hired to repair the foundation and concrete issues to ease buyers’ concern
- Quantum took a thorough approach to educate the buyers on each tenant(s) and their history at the property to make them comfortable that the tenants would execute lease extension(s) and remain at the property for years to come
Results
- Quantum brought in multiple offers which allowed the seller to thoroughly vet buyers and feel confident in not only pricing, but the buyers’ ability to close
- Quantum was able to get the property sold at 100% of the asking price, and procured multiple back-up offers, some of which were at list price as well
- We successfully met the timeline to satisfy the buyer’s 1031 exchange
- The transaction closed days before interest rates started to increase allowing our clinet to achieve pricing at the top of the market