Net Lease Brokers Assist in Sale of Hanover Plaza
Challenges:
- Existing loan in place had a severe pre-payment penalty, so assumption of the note was the only feasible solution. This drastically shrunk the buyer pool due to net worth assumption requirements to satisfy the lender.
- Variety of non-credit tenants throughout the center without any recognizable national brands.
Solutions and Services Provided:
- Focused on high quality construction in a booming Houston submarket with upside potential due to below market rents.
- Asset was actively presented to national buyer pool and multiple offers were generated within 3 days of listing.
Results:
- Identified the ideal out of state investor that was willing to work through the loan assumption process.
- Was highly involved throughout the entire transaction to ensure effective communication between Buyer, Seller, and Lender.
- Closed within 2% of asking price.
For information about how HighStreet net lease brokers and advisors can assist with your commercial real estate needs, contact us.
