Background
The client, a long-time farmer and real estate appraiser, held this property as a long-term family investment. When the multi-decade tenant vacated, the family trust needed to reposition the asset. In partnership with the Crocker | McKean Team, after a detailed lease-versus-sale analysis, ownership decided they’d prefer to sell the asset. Ownership was pleased with Bentley McKean’s valuation, but certainty of close was of the utmost importance.
The Problem
Every deal faces unique roadblocks and this one had several layers to navigate. The C-G (commercial-general) zoning severely limited the buyer pool. Most retail tenants didn’t need a 20K+ SF building. There were no direct sale comparables for buildings of this age or size. Historical property records were thin, and the building needed significant funds for capital improvements.
The Solution
With a clear goal in mind, certainty of close, Bentley McKean built a focused strategy to spark immediate interest and build momentum. Bentley McKean set aggressive pricing, since coming out high risked losing the certainty of close that was the owner’s #1 goal. He ran multi-pronged marketing campaigns including calls, emails, and flyers to retail, med device, and light assembly businesses along the 126 corridor and throughout Ventura and Los Angeles County.
The Results
The outcome was a textbook example of competitive interest meeting strategic execution. Bentley McKean generated interest from parties in four separate counties, ran eight tours, fielded three offers, and brought two strong buyers to the table. He closed, all cash, with a regional hardware store franchisee (9 locations) before the end of the year.
