Located in a small mountain town called Angels Camp in California, the lease on this O’Reilly Auto Parts was coming due in the next 24 months. With this location, the property possessed an extremely limited buyer pool for the asset presented challenges. The seller wanted to net a specific price, so Matthews™ had to muster up all resources and experience to market the property and target the right buyers effectively. During the closing period for the deal, First American Title Company discovered that they were unable to finalize the deed due to the seller only selling the ±0.67-acre lot comprised of the building and parking lot; however, local records showed that the existing parcel included approximately 1-acre of vacant land behind the building that the seller thought was owned by someone else. When the seller purchased the property 20 years prior, a local title office did not complete the vacant land transfer to the rightful owner, resulting in a title debacle involving multiple owners.
Matthews™ specialized agent, Conrad Sarreal leaned on past relationships with brokers and buyers to formulate a strategy and find the right buyer. By talking to these clients who previously closed on similar deals, Conrad pieced together a deal at an incredible cap rate for the seller, sub 7.00%. Coupled with Matthews™ shared database and marketing technology, Conrad cast a wide net over a specific buyer pool and procured a repeat buyer/broker who owned real estate one town over.
The Matthews™ deal team resolved the title issue when the attorneys and even the title company reached a dead end. Conrad located and quickly built a rapport with the rightful owners, found the original surveyor, and became acquainted with the city officials. In doing so, he facilitated a boundary line adjustment with the city, and saw it all the way through until its approval at a town hall meeting.. Conrad’s motivation ultimately saved the deal and helped the sellers meet the buyer’s deadline before they backed out of the deal.
After Conrad applied a high level of determination and persistence, the deal closed, and both sides of the transaction expressed their appreciation. The seller was able to close the deal and roll the proceeds into two longer-term deals that replaced his original cash flow, and the buyer acquired the much-desired property.
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