PROPERTY TITLE
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OPPORTUNITY
Despite COVID-19 turning the world upside down, selling the Diane Apartments remained a key element of the owners’ investment strategy for 2020. After a failed sale with their previous broker, certainty of closing within a tight timeline was the owners’ ultimate goal.
Hired in mid-May, the Simon | Anderson Team’s biggest obstacle would be conducting marketing and tours with the Stay Home, Stay Healthy order in place. Fortunately, our time in quarantine was well spent connecting with active investors to evaluate their criteria and needs, and we were confident we had the right buyers to get this deal done.
EXECUTION
Lead broker Jerrid Anderson reached out to the top buyers in exchanges and with equity to invest, and within a week was able to generate strong interest from a dozen groups, creating immediate competition rather than launching a broad marketing campaign and waiting for someone to show up.
RESULT
With four offers in hand, the property was under contract in 24 hours, contingencies were waived after one week, and (with a close eye on every detail) we closed the sale 30 days later.
It took just 67 days – during a global pandemic – from meeting our team to closing the sale for the owners to see cash in hand and move forward with their future investment plans.
SITE DETAILS
OWNER
X2 Capital
SQUARE FEET
93,000
STARTING OCCUPANCY
49%
HIGH POINT OCCUPANCY
100%
TIME TO FILL
6 months
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1201 Pacific Avenue, Suite 1400 | Tacoma, WA 98402
The team of Will Frame & Drew Frame are members of the Kidder Mathews Healthcare and Office groups. Kidder Mathews is the largest independent commercial real estate firm on the West Coast, with 900 real estate professionals and staff in 19 offices in Washington, Oregon, California, Arizona, and Nevada. For more information, visit kidder.com.
