The sale of First Tuesday Mall is another example of SRS’ Southeast Investment Sales Team’s consistent ability to overcome obstacles during the sale process. After moving through much of the due diligence process, one of the anchor tenants in First Tuesday Mall indicated their plan to vacate the Center at the end of their lease, which was coming up inside of one year. SRS was able to facilitate and manage an agreement between our client and the buyer which worked for all parties and enabled the deal to get to the finish line, closing before the contract closing date.
Utilizing our expansive opportunistic buyer pool, we were able to touch every potential investor for the asset, giving it maximum exposure to the marketplace. At the same time, we focused on a vetted list of investors to whom we knew this asset would be of interest, given its opportunistic profile and ‘B’-caliber tenant roster, creating a competitive bidding forum and garnering six offers on the asset.
DEAL STRENGTHS
- Grocery-anchored by Food Depot with strong sales
- Excellent opportunity to add value
- Low-cost provider for the market
DEAL CHALLENGES
- Located in a tertiary market outside Atlanta
- Dated building, façade and property
- Anchor tenant struggling/potentially leaving