Challenge & Solution
The challenge was to obtain 50% preleasing of the project in order to obtain financing. Compass was able to lease over 50% of the project prior to financing approval and more than 85% of the project was leased prior to commencement of construction to Jackson’s Corner, Café Yumm! and SportClips.
In addition to the leasing needs of the developer, their long-term plan was to sell the property. Compass brokers, Russell Huntamer and Jay Lyons were working with Killian Pacific helping to satisfy their 1031 Exchange needs and were made aware of the possibility that the property was available for purchase, although it was not being marketed at the time. The end-result was a successful sale for the developer and a successful 1031 tax deferred exchange for the current owner.
The property is fully stabilized and is greatly benefitted by successful tenants. It should be noted that two new 8,000 sq. ft. buildings are slated for development to the east of the property with leases pending for 65% of the available spaces. This new project is known as East End and Compass Commercial is leasing broker for this project as well.