Disclaimer: I am not an attorney and this article is not intended as a substitute for advice from the appropriate legal, zoning, financial, construction and/or tax professionals. This information is provided for educational purposes only and is made without warranties or representations
“Luck Is What Happens When Preparation Meets Opportunity” – Seneca
This is definitely the biggest accomplishment in my professional career so far. I first listed this property a year and a half ago when the pandemic was at its peak. Over half of the tenants in the center had stopped paying rent and the future looked bleak.
Picture this, I am wearing a suit and tie in 102 degree Temecula weather, and I get to go to 5 hours of back-to-back meetings with tenants whose businesses were forced to close as a result of the government shutdown. Some were reasonable, others cried, many of them made threats, ultimately we had 5 tenants (~40% of the center) turn in the keys and shut down for good.
Now I was tasked with filling these vacancies in a time when no one was looking to lease retail space. Through sheer tenacity (and some luck) I was able to convince the top-rated restaurant in the area to relocate and sign a 5-year commitment for the largest space in the center. Then, like a unicorn emerging from the forest, a large medical group reached out to me and ended up leasing 3 of the 4 remaining vacancies at the asking rate.
The center was now in prime condition and ready to go to market. In a final stroke of good luck on literally the first prospecting call I made, I connected with a buyer who was in the tail end of a 1031 exchange and submitted a full price offer.
As of yesterday afternoon, we closed at $8,500,000, the largest deal and individual fee of my career thus far.