Matthews™ represented the seller of Herc Rentals in Sanford, FL, a 15,425 SF single-tenant industrial property within the high-demand Orlando MSA. The asset ultimately sold for $2,000,000, delivering a strong retirement-driven exit for the owner.

 

Challenge

At first glance, the property appeared to be a straightforward NNN investment. Early in the process, however, a major complication surfaced: a City of Sanford sewer easement running horizontally through the building. This raised immediate concerns among buyers regarding future access requirements and the uncertainty of potential financial implications. Further complicating the offering, the lease had less than four years remaining, with the property’s General Commercial (GC) zoning requiring a minor conditional use permit for heavy equipment rental. Should the tenant vacate, re-tenanting or repurposing the asset could trigger a public hearing which posed an unattractive proposition for many investors. Financing soon followed as an additional hurdle, with lenders hesitant to move forward given the unresolved easement risk.

 

Further complicating the offering, the lease had less than four years remaining, with the property’s General Commercial (GC) zoning requiring a minor conditional use permit for heavy equipment rental. Should the tenant vacate, re-tenanting or repurposing the asset could trigger a public hearing which posed an unattractive proposition for many investors.

 

Financing soon followed as an additional hurdle, with lenders hesitant to move forward given the unresolved easement risk.

 

Strategy

The Matthews™ agents positioned the property aggressively within the market while proactively addressing investor concerns. When lender hesitancy intensified and the deal neared collapse, the agents leaned on an established relationship with a national title company. Through this partnership, they secured title insurance coverage over the sewer easement, providing the assurances lenders needed to proceed.

 

Simultaneously, the agents continued educating prospects on the asset’s fundamentals, location strength, and long-term industrial demand within the Orlando MSA. Transparent communication and persistent marketing efforts helped maintain buyer engagement despite the challenges.

 

Result

The property achieved top-of-market pricing, closing at $2,000,000, delivering exactly what the seller sought: a clean retirement exit, risk mitigation, and smooth closing. All major obstacles were effectively resolved, allowing the transaction to move forward without further disruption.

 

Client Testimonial

Working with Taylor and Matthews™ to sell my Herc Rentals property in Sanford, FL was a pleasure. We ran into some hurdles during the process, but Taylor diligently guided me through each one and clearly explained the key decisions along the way. Despite the challenges, he continued marketing the property with enthusiasm and ultimately helped me achieve my goal. I’d strongly recommend working with Taylor to sell your industrial property.