Broker: Jennifer Fernandez, CCIM, SIOR
Address: 934 Grant Street, Akron, OH 44311
Assignment:
Jennifer Fernandez, CCIM, SIOR with Hoff & Leigh was engaged by the Seller to list, market and sell a 43,015 SF multi- tenant industrial property located in the downtown area of Akron, Ohio.
There were a few challenges with this assignment in order for the Seller to obtain his goal:
- The property was built in 1949
- The leases were either very short term or had already expired
- The tenants were paying below market rates
- The roof needed to be replaced in one section
Solution:
Through the recommendation and assistance of Jennifer, the Seller was able to extend the leases, increase the rents and replace the section of the roof that needed replaced. The Hoff & Leigh marketing team put together a desirable commercial real estate offering memorandum that was distributed to targeted investors and brokers locally and nationwide.
Outcome:
Jennifer was able to locate an out-of-state cash buyer that had a 1031 tax requirement and ultimately sold it for $50,000 over listing price.