Challenge
This particular Advance Auto Parts is 80 percent larger than the rest of their stores and is located on one of the busiest retail corridors in Clearwater, FL. The owner of the property was looking to sell during the COVID-19 environment for a higher price than what they previously purchased it for. There was difficulty getting an inspector to the property and outstanding issues arose during the Fire Marshal’s inspection. A few days before closing, the agent had to coordinate with the Fire Marshal, inspector, and landlord to resolve all pending issues.

 

Strategy
Matthews™ found a buyer, a Florida native who was already familiar with the property. The buyer was interested in the property as they were looking to purchase an investment-grade corporate absolute lease.

 

Results
Representing both the seller and buyer, Matthews™ was able to coordinate closely with both parties to ensure a mutually beneficial outcome. Through constant communication and meticulous coordination, the seller received $600,000 more than they originally purchased the property for. In the end, this property achieved the highest price and lowest cap rate for this tenant over the last year.