While COVID-19 impacted other deals, the invaluable drive-thru feature positioned the property as a prime asset. However, the drive-thru called for additional permits and licenses, which took longer than usual because of the unique environment caused by the outbreak. The property was vacant for some time, drawing attention from brokers. The client was seeking to lease a strong tenant with a good business model and consistent rent payments to relieve management responsibilities.
Thanks to the relentless effort of the Matthews™ team and industry-leading marketing, two qualified tenants were identified as soon as the virus broke out. By leveraging the property’s drive-thru as a selling point, the two qualified tenants battled for the space. After structuring the deal, a tenant was selected by the client.
The space was leased by an operator who plans to continue expanding throughout California and beyond. The high-level of interest of this property allowed for a few adjustments to be made to the deal points, resulting in a mutually beneficial outcome, strengthening the relationship with the Matthews™ client.
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