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Foundry’s Investment Advisory Group represented an investment company looking to sell their two-story retail center in Charlotte, NC.
Prosperity Park Drive
Foundry’s Investment Advisory Group represented a private equity investment company looking to sell their two-story retail center.
The property was approaching full occupancy, and the sellers wanted to take advantage of favorable pricing in the marketplace.
One suite on the second floor had been in shell condition since the building was constructed in 2006.
The property required capital improvements including water damage and repairs needed for the roof, elevator pit, and resurfacing/restriping the parking lot.
The property had title issues related to an old condo association that was no longer in effect.
While drafting the offering memorandum, the Investment Advisory Group started reaching out to select 1031 investors to preview the opportunity.
Foundry’s IAG team coordinated with third party experts to understand scope and cost to remedy repairs issues before bringing the property to market.
Foundry was able to solicit a preemptive offer for the property with a fast-track closing timeframe, which the seller accepted as speed to close was a high priority for this client. Since the IAG team had identified the capital improvement repairs and title issues early into the assignment, these challenges were able to be resolved in an expeditious manner allowing for a short contract and successful closing without delays.