Challenge

3546 Emery St is a clear-span warehouse with a gated yard, making it ideal for various owner/user businesses. The warehouse has ample space for storage, manufacturing, or distribution operations and is located near major downtown Los Angeles freeways.

3546 Emery St presented a unique set of challenges for Matthews™ agent Alexander Harrold. The property was environmentally contaminated due to previous industrial activities. This contamination required additional testing and remediation, adding complexity to the deal. Additionally, rising interest rates and a declining velocity of industrial property sales further complicated the deal. The seller, a private owner, sought to cash out and relinquish environmental liability while also achieving a favorable price for the property.

Strategy

To overcome the challenges, the agent used their network of contacts and resources to find a buyer who was willing to purchase the property despite the environmental contamination. They also engaged the expertise of the Matthews™ Auction Services to create a competitive bidding environment and maximize the property’s value. The auction format generated strong interest and attracted multiple potential buyers.

Results

Through their strategic approach, Alexander Harrold and Robert Anderson successfully closed the deal on 3546 Emery St, achieving favorable outcomes for both the seller and the buyer. The seller’s objectives of cashing out and relinquishing environmental liability were met. The successful sale provided financial flexibility and resolved environmental concerns. The buyer, an all-cash local user, acquired the property at a competitive price and secured a property suitable for their business operations. The property was successfully sold at 111% above the list price in a pre-auction deal. The property closed about 25 days ahead of schedule, demonstrating the ability to navigate complex market conditions and secure favorable client terms.