PetSmart Inc.

Challenge

Owner TradeCor listed a single-tenant in-line box in a large neighborhood retail center for a high price point at an aggressive CAP rate compared to similar assets in the market. Though established rent was above market, the center imposed certain use restrictions.

Strategy

Our team identified that a 1031 exchange buyer would be ideal, then developed a marketing plan to pursue an appropriate pool of buyers as well as independent brokers who typically represent them.

Result

Through our nationwide database of investors and brokers, we connected with a buyer in northern California who paid $1million more than the next highest offer, closing the all-cash transaction in fewer than 30 days.