257% Increase In Net Operating Income
For A Client Seeking Stable, Safe Returns…
CHALLENGE
Our Client had an opportunity to sell a stable, well performing property at an all- time high and take the risk of purchasing a larger, more profitable property. If successful, the new acquisition would provide ongoing revenue to take care of a family members future long-term medical expenses. Sounds easy right? Did I mention the client was risk adverse and had a regional credit tenant in the property on a long-term lease and excellent renewal potential? If successful, we would help them take advantage of a market opportunity and secure ongoing revenue to address a very important family need. If unsuccessful, there were tax consequences and affect their ability to care of an aging parent.
ACTION
Patrick simultaneously worked with two different groups and quickly focused on the highest quality lowest risk buyer. Over his long career as a commercial real estate professional, he had become skilled at identifying the most prepared buyers and maximizing the value of the of the property to be sold. His track record of working effectively and cooperatively within the brokerage community enabled him to work to find win-win solutions when a potential impasse presented itself. An exhaustive search over nine states and dozens of properties resulted in identification of three high potential properties.
RESULT
Patrick stewarded his clients through a flawless 1031 exchange and…
- Sold their property for 21.6% over list price
- Delivered a 257% increase in NOI
- Enabled clients to cover costs associated with caring for an aging parent
We were filled with anxiety in doing a 1031 Exchange. Which factors were the most important? There were an infinite number of properties on the market – so overwhelming. Learning the timing of the steps of a 1031 Exchange was such a new experience. Patrick’s calm and confident nature, and years of commercial real estate experience was demonstrated in every phone call and email throughout the entire process. His guidance and contacts nationwide eventually gave us the confidence to make the choice of a new property. He even flew many states away to walk us through the property. From tenant selection, to negotiations and closing – there is no better broker on the planet to look out for our interests—if we had to pick two words to describe him our two words would be “OUR HERO”!