$4.6 million sale of unique industrial property
Property Location: 4470 & 4480 Chennault Beach Road, Mukilteo, WA
Tyler Springer was hired to sell a two building investment property in Mukilteo, WA. The sale offered unique challenges as a single tenant property with a fairly short lease term commitment. The price point and product type required identification of a specific buyer type.
The property was presented to local buyers with an understanding of the local market and a familiarity with the unique features of the property. Tyler communicated the attributes to these buyers and active brokers in the area. Tours required walking through active operation. Tyler coordinated showings and buyer interest and provided advisement to the client.
SRE presented the property to the market, fielded buyer interest and advised the client to select a buyer which resulted in a successful sale.
- Sale terms that allowed the seller to maintain flexibility on their lease term.
- An efficient process of 2 months and 24 days from the beginning of marketing to receipt of the winning offer.
"Tyler has been helping us since 2011. Whether we needed to lease, purchase or sell the properties he is consistent in his practice of superior service. He is a good listener who knows the field he is in to the fullest and hence has been able to deliver us the exact needs in timely manner. I will always ask for [SRE's] Tyler's help for anything to do with commercial real estate for our business or investments."
- Suman Shrestha, Himalayan Holding Group
facility upgrade for growing company
Property Location: 80th Street in Everett, WA
RENU Medical was in search of a new modern facility. The company, a locally owned business still in its first-generation space, was looking for an upgrade to its real estate as well as additional area to grow operations. The challenge was to identify suitable facilities in a market with few options. It was important to our client that they understood the market prior to making a decision. Also, the requirement had a few unique components.
Tyler Springer provided deep understanding of availability to the client in order for them to form an accurate picture of the market place. Properties were selected which had a high likelihood of accommodating the business so that time was not wasted. Tyler toured the spaces with they key decision makers from RENU Medical and offered guidance on achievable terms for the properties. Ultimately a final space was selected. However, there were still challenges in bridging the gap between building ownership expectations and the tenant’s value of the space based on its use. Negotiating favorable terms of the transaction required a detailed understanding of the marketplace.
The key decision makers for RENU Medical were ultimately able to make an informed decision. The final space selected was ideal for its operations and a contract based on good terms was negotiated.
“My company reached the point we needed to expand operations and acquire a new, larger facility. Tyler had been contacting me consistently for several years offering his professional assistance. When our previous broker was unable to deliver viable options, I reconnected with Tyler Springer of SRE and he delivered. Tyler demonstrated a thorough knowledge of the commercial real estate market providing options and confidence in making our ultimate selection. He is a great communicator and kept us updated throughout the negotiations. Tyler’s relentless effort and great communication resulted in favorable lease terms that our company will benefit from for years to come. I would recommend Tyler and the SRE team without reservation.”
-Randy Long (ReNu Medical)
$24.5 Million Sale of Multi-Building Key Industrial Properties
Property Location: eVERETT, WA & WOODINVILLE, WA
The challenge was to complete a multi-building sale in an efficient method for all parties. Located within the Puget Sound submarkets (greater Seattle area) of Everett and Woodinville, the buildings totaled 165,000 square feet. The Everett building is within site of the main Boeing-Everett facility. Built in 2012 with above market average clear height of 40’, it is really a trophy property within its submarket.
The Woodinville building is well located and is part of the region’s Eastside Market which has seen growth from the expansion of tech companies in the area. Both buildings at one time housed the operations for the seller’s former company, a creator of safety equipment and apparel.
Each building faced a different set of lease commitments; with a significant range of terms.
Quality market knowledge was deployed to determine if the time was right for the building ownership to sell. This discussion of pricing factored in many components of the two specific submarkets. Once a pricing range was established with the seller, SRE introduced the property to a great buyer. SRE negotiated final terms between buyer and seller and oversaw contract finalization.
An efficient sale process that all parties walked away feeling good about. The sale was completed smoothly and quickly. The seller was able to take advantage of a strong market. The buyer was able to acquire two properties in key locations that fit well with their portfolio.
FULL PRICE sale of unique property
Property Location: 5026 196TH sT SW, LYNNWOOD, WA
The Wight’s Home & Garden property was unique in that it had a large lot size in proportion to the existing building. Furthermore, the structure is a single user building. The unique attributes meant that a unique buyer had to be identified. Without identification of a user who could utilize the existing structure and high parking ratio, the obtainable price would only be as high as its land value. SRE was hired as the seller’s representation. The ownership wanted a discreet and direct marketing program rather than one which broadcasted the sale offering. This put SRE’s platform of direct and efficient marketing to the test.
SRE helped the ownership understand which buyer type would maximize the value through analysis of the property as-is versus as a development site. This was not only crucial to capturing maximum value but also in determining acceptable closing timelines. SRE marketed the property directly to prospective buyers and to the most active brokers in the submarket. Throughout the process SRE consistently reported to the ownership with updates as to its efforts, coordinated showings and facilitated negotiations.
Ultimately, SRE identified a buyer that could utilize the unique attributes of the property. The property was sold at full asking price.
"I am very impressed with Tyler’s knowledge of the in’s and out’s of the commercial real estate business. He always had answers to any of my questions.”
- Jim Anderson
EFFICIENT RENEGOTIATION OF LEASE COMMITMENT
Property Location: 4620 campus place, mukilteo, WA
Canadian based Alliance Mercantile Inc. had to decide between relocating its Washington state warehouse to a new facility and renewing its lease commitment at the same location. The greater Seattle area’s industrial vacancy rate was at only 3.5% and relatively few relocation options existed.
SRE advised Alliance Mercantile to begin the process relatively early with several months remaining before the lease expiration in order to maximize the number of available options. SRE assisted in the decision-making process by providing quality information relative to location, building attributes and cost for the various alternatives. Market knowledge and experience helped guide the process. Ultimately, Alliance Mercantile decided to pursue a lease renewal. A final agreement was negotiated on behalf of the company.
SRE provided the best market knowledge available and created leverage in a challenging environment. This knowledge and leverage allowed Alliance Mercantile to confidently make a decision regarding a new lease commitment.
“It has consistently been a pleasure to work with Tyler and SRE given their local market knowledge, thorough analysis and professionalism. We look forward to working with them again.”
- Shaun Bell (Alliance Mercantile)