Challenge

This specific property is a brand new construction O’Reilly Auto Parts located in the heart of Tampa, FL. The seller was a repeat developer client in Florida whose goal was to sell the property as soon as possible, which in this case, was as soon as the tenant started paying rent. In addition, the seller wanted the highest net sale price the market would bear. The property generated multiple offers, which was a direct result of Matthews™ agents’ past relationships with buyers or potential buyers who have inquired about auto part deals in the past. This helped leverage and increase the bid price of the property. The Matthews™ specialized agents aided the seller in selecting the right buyer out of three similar offers. Matthews™ did not represent the buyer.

The buyer’s preferred attorney was unavailable to provide comments on the purchase contract promptly at the end of 2020. Therefore, to keep the deal moving forward with the selected buyer, Matthews™ specialized agent, Conrad Sarreal, provided them with a referral to a trusted real estate attorney who ultimately helped put the deal together.

Strategy

Matthews™ used a strategic method of qualifying the multiple buyers in the LOI phase and inserted an attorney on the buyer’s side that deeply understood net lease properties and the nuances of their transactions. Conrad Sarreal, the seller, and the buyer’s attorney found a resolution to outstanding estoppel items that postponed closing.

By leveraging the knowledge and experience of O’Reilly Auto Parts and the transaction requirements, the Matthews™ deal team maintained a proactive role in communicating with the seller/tenant, buyer, and buyer’s attorney to overcome all the hurdles that arose.

Results

The buyer closed on the property just after O’Reilly Auto Parts opened for business at a price that was 98% of the list price. Closing at that time also helped the seller avoid having the project on his books for an extended period, resulting in more capital to deploy on other projects. Matthews™ began marketing the property months before the seller received the certificate of occupancy yet was still able to procure multiple offers pre-construction and execute the sale.