Gateway Shopping Center-Full Service Brokerage

About the Investment

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Initially brought on by the Landlord to lease the 5,000 SF of vacancy at the 15,696 SF strip center in Ontario, OH. We successfully executed 3 separate lease transactions and brought the property to 100% occupancy. Once stabilized, we positioned the property on the market for sale at an 8.18% cap rate and closed within 60 days at$2,000,000 (8.50% cap). This project showcases our full-scale brokerage capabilities, from lease up and stabilization, to ultimate disposition.

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Challenges

• Ontario is a small tertiary market of OH
• Interest rate environment started to become problematic in Q1 2023
• Anchor tenant (6,000 SF) had an expiring lease at the end of 2023

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Solutions

• Selected accredited buyers to position the property to that have executed in markets such as Ontario
• Focused on cash buyers and had debt quotes in hand from lenders to provide to prospective buyers
• Negotiated the early exercising of the anchor tenants option to get the buyer more comfortable with the upcoming expiration