Owner of Anthony’s Ocean View in New Haven pays $1.5M for West Hartford office building

In a post-covid era where the office real estate landscape has been undergoing profound changes, I was entrusted with the task of selling and maximizing the value of my client's office property—a challenge that demanded innovation, strategic thinking, and a deep understanding of market dynamics.

Here's how we surpassed client expectations.

Traditionally, this office property was always sold in conjunction with an adjacent residential property. However, through an analysis of the property's attributes and financials, we identified a strategy: bifurcating the commercial property from the residential one. By selling the commercial property first and then the residential, we unlocked value, exceeding our initial projections.

In an uncertain office market, creating certainty for prospective buyers was imperative. To achieve this, while actively marketing the property, we successfully negotiated a lease extension with the property's anchor tenant—an 11,000 square foot space with an aggregate value in excess of $1M. This negotiation not only secured significant investment towards the build-out but also facilitated the expansion of a successful IT company that had been operating from this location for over a decade. This move resulted in a win-win for both the seller and the tenant, enhancing the property's appeal.

Our approach to cost management was equally strategic. By thoroughly examining the property's expenses and renegotiating service contracts, we were able to significantly reduce costs. These measures led to an increase in net operating income, further elevating the property's value.

To address the challenge of vacant space, we engineered a sale/leaseback arrangement, ensuring a future expansion space for the seller's business while also boosting the net operating income and achieving full occupancy.

With the groundwork laid, it was crucial to generate demand and urgency among potential buyers. For this, we partnered with Ten-X, a national online auction platform I've successfully leveraged over a dozen times throughout my career. This collaboration not only provided a wide marketing reach but also ensured that all due diligence materials were available before the live bid, allowing buyers to make informed decisions.

The culmination of these strategies was a highly competitive bidding environment that resulted in a sale price nearly 2X the 2012 acquisition price and closed swiftly without contingencies.

Our approach is a testament to our belief that not all brokers are created equal. We are committed to creating value for our clients in every transaction. Experience the difference with us: 860.371.7103

Ian Grusd, CCIM SIOR Evan Koransky Samuel A. Gelman

The CCIM Institute SIOR Global: Society of Industrial and Office Realtors

SIOR Connecticut / W. Massachusetts Chapter



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