Successful Sale of 1220 George C. Wilson Drive: A Strategic Approach to Repositioning and Negotiation

The 10,000-square-foot multi-tenant medical facility at 1220 George C. Wilson Drive, located near Doctors Hospital and I-520, faced significant challenges. With large vacancies and a tenant that was not paying rent, the property's profitability was in jeopardy. Furthermore, the largest space within the facility was previously configured as a funeral home/mortuary, which presented unique challenges in repositioning the property. This case study explores how our strategic approach not only repositioned the property but also secured a successful sale, ultimately funding the owner’s retirement.

Client Challenge:

The owners initially engaged our team to assist with leasing the building. However, the situation took a turn when we were approached by several prospective buyers, including Augusta Oncology, who expressed a strong interest in purchasing the property. Given the buyer's urgent need to occupy the space, we quickly shifted our focus from leasing to selling.

Action Steps:

1. Broker Price Opinion: We conducted a detailed analysis of on-market and recently sold medical office comparables to accurately determine the value of the building. This analysis also considered the additional value that potential renovations could bring to the property.

2. Unique Structure: Understanding that the buyer needed to occupy the property before closing, we worked closely with attorneys to devise a strategy that protected our client while providing security in case the buyer decided to back out.

3. Extensive Negotiations: Leveraging our knowledge of the buyer’s urgency, we ensured that during the negotiation process, our client could stand firm on pricing and terms. This strategic positioning was crucial in maintaining the value of the deal.

Value-Added Results:

• Marketing: We provided a top-of-market listing package that effectively showcased the property’s potential and attracted serious buyer interest.

• Analysis: Our in-depth analysis clarified the value of the building under current market conditions, facilitating a fair "meeting of the minds" between the owner and the buyer.

• Negotiations: Post-inspection, the buyers requested a $100,000 price reduction. Armed with the knowledge of the buyer's immediate occupancy needs, we advised our client to concede only to minor improvements. This advice saved our client a significant amount of money, securing a more profitable sale.

Client Testimonial:

“We would like to express to you our thanks in getting us through the sale of our property at 1220 George C Wilson Drive in Augusta. Despite challenges, including aggressive buyer tactics suggesting we sell without a realtor to save on commission, John Eckley expertly navigated us through rancorous negotiations. His ability to keep both parties engaged was crucial, and his mediation was instrumental in closing the deal. We were ready to give up multiple times, but John kept us focused and secured a profitable sale, proving his invaluable expertise in real estate transactions,” said Weezie Potter, former owner.

This transaction exemplifies the importance of strategic foresight and skilled negotiation in real estate. By understanding and leveraging the specific needs and timelines of the buyers, and providing robust support and market analysis, we were able to transform a challenging situation into a successful sale that met all parties' needs and expectations. John Eckley’s dedication and professionalism were key to the successful outcome, ensuring that the owners could confidently move forward into retirement.