The following case study describes our process selling our recently closed property at 903 Lakme Avenue, Wilmington, CA 90744.

Deal Story

During the pandemic our client sold several buildings to the city of Anaheim through the project room key program. He entered into a 1033 IRS exchange which is a program that can defer taxes for up to 2-years if a building is sold to a government entity. We started looking for the client but because of the low interest rates, everything that came on the market was too overpriced, so we paused the search.

Once rates began to spike, we reentered the market and began to look once again. In late March, a portfolio of mostly mixed-use properties came on market with one (1) SRO as part of the package. The building was about one (1) mile from two other assets the client owned so we decided to go for it.

To our surprise the offer activity was very competitive with at least four (4) other offers -- some of which were proposing to close escrow in less than 14 days. We leveraged our relationship with the agent/broker and highlighted that it would be an all-cash purchase which ultimately got our offer accepted. We opened escrow and closed without any major hurdles in less than two weeks. What a deal!

Gone are the days of the “CASH TO NEW LOAN” offers where anyone could secure an interest only loan at 4%. The moral of this story should be that now CASH IS KING and if you were on the sidelines due to inflated prices for the last few years, there are deals to be purchased!

Find out how we can help you sell you commercial real estate property. Call KingSide today.