Located in Raleigh, NC, the Walgreens property is within a mile radius of two hospitals and benefits from being in an affluent, dense suburban community. The owner was in a 1031 Exchange, looking to exchange into an asset with a longer lease as the current lease had three years remaining. To win the property, the Matthews™ agents had to compete with other brokerages that priced the property at an eight percent cap rate.
Utilizing the extensive Matthews™ database and industry-leading marketing, the team received five offers within the first month of marketing. By pricing the property more accurately, the brokers created a competitive bidding environment, which ultimately drove up pricing. By generating multiple offers, the brokers were able to identify the best-qualified buyer with the highest probability of closing.
Due to Matthews’ credibility and market knowledge, the seller was able to sell the property at a 7.2 percent cap rate two weeks before their exchange deadline with no retrades. Through the execution of the Matthews™ 1031 Exchange Program, the seller added $8 million of capital to his acquisition.