Broker: Jennifer Fernandez, CCIM, SIOR
Address: 934 Grant Street, Akron, OH 44311
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
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.
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.