First, we’re excited to share about a commercial investment property along S. Broad Street that we’ve successfully sold despite economic headwinds.
The decision to sell this property was part of our client’s strategic shift, where they were divesting portions of their retail assets in response to changes in their business practices. We were tasked with selling a vacant CMX-2 building along South Broad. What would typically be considered a multi-purpose purchase opportunity for an owner-operator, investor, or developer was instead faced with a rapidly increasing interest rate environment, potential for prolonged vacancy risk, and decreased investor appetite for speculative development.
In light of these formidable headwinds, we moved quickly to reevaluate our initial asking price, acknowledging the need to adapt to the shifting landscape. We were fortunate to deal with a reasonable and gracious client who understood the complexities of the situation and graciously considered our recommendations.
Due to the challenges at hand, RD+ proactively sought out an all-cash offer. With much success, an offer from an out-of-state investor with a strategic vision for the property was received. This investor intended to maintain the property in its current state and focus on leasing it to potential tenants. The all-cash offer and the investor’s commitment to a swift 30-day closing period added an extra layer of convenience to the transaction.
Despite not getting their original asking price, our client walked away happy, having sold their building within 6 months of listing in a challenging climate. Facilitating an easy and straightforward transaction was just the cherry on top!
The second deal that we are thrilled to share is the representation of the buyer of 2301 Evesham Road in Vorhees Township!
RD+ had taken on representation of a longtime multisite healthcare practice. This space, a combination of two condominium units in the Pavilions of Vorhees Office Campus, was newly renovated and in excellent condition and offered an ideal clinical layout. With abundant parking available, this property was ideal for office or medical professionals alike. We were able to find this 2,339sf medical office condo a new and exciting use…
Lastly, RD+ had represented a tenant in securing a 23,500sf space at 2500 Grant Ave. This highly visible retail location will be used for their expanding showroom. This corner space property was a perfect fit considering the ample signage opportunity as well as a considerable amount of parking. Stay tuned for more details to come regarding these two exciting deals!
