8300 Pearl Rd. Fully Leased and Sold to Burger King and Starbucks!

Anchor Admin

December 18, 2020

CHALLENGE
The developer had the property under contract for a build-to-suit opportunity with a food operator but needed another tenant or two in order to put the deal together. It was a premier site in a strong retail market, so ownership didn’t want to give up on the opportunity the site presented.

ACTION
Due to their relationship with the developer, Anchor Cleveland was asked to step in to help expedite the marketing of the property. Anchor Cleveland was able to bring 8 potential tenants to the table. The developer was, therefore, able to leverage the prospective tenants against themselves in order to obtain strong lease offers and to pick and choose the tenant lineup.

RESULT
Anchor Cleveland utilized their target marketing, industry relationships, and retail market knowledge was able to obtain 5 written leasing offers from national and regional tenants. Once the property was under construction, Anchor Cleveland took advantage of their relationships with other brokers, and active investors in the market, to secure a premium off-market offer from a 1031 Buyer. The developer was able to sell the asset above market price, and immediately upon the tenants opening for business. By avoiding the market, the owner was able to quickly achieve a higher-than-anticipated return on their investment.

• 5 lease offers with national, brand-recognized tenants
• Sold off-market immediately upon tenants opening
• Achieved premium return for the developer/seller and with no downtime between construction completion and closing

Download full press release here